The CEO of Mastercard Michael Miebach has revealed a new partnership with the world’s largest cryptocurrency exchange, Binance to enable crypto holders to use its network for fiat payments in more than 90 million stores globally.
Miebach revealed the information through his Linkedin profile on Tuesday, according to him, there’s a possibility of unlocking the full potential of blockchain technology by making cryptocurrency easier to use for the purpose it is serving.
One of the ways to unlock the potential of blockchain is to bring crypto to everyday use, said Miebach.
The project will commence in Argentina, where the national currency inflation is at 71% given that the Argentine Peso (ARS) has been in free fall for a long time. ARS in the past months has lost a significant amount of its value against the dollar.
The card after launch will allow Binance users in Argentina with a valid ID to purchase and pay bills using cryptocurrency.
The cardholders will be able to manage their cards through the dashboard on the Binance website and App.
Maximiliano Hinz, general director of Binance in Latin America, comments: “Payments is one of the first and most obvious use cases for crypto, yet adoption has a lot of room to grow. By using the Binance Card, merchants continue to receive fiat and the users pay in cryptocurrency they choose. We believe the Binance Card is a significant step in encouraging wider crypto use and global adoption.”
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