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Binance and Mastercard partnered to bring crypto payments into daily life. The recent move may pave the way for cryptocurrencies to become more mainstream.<h2 id="header-0">A Significant Step for Crypto Adoption?</h2>Payments colossus Mastercard announced a partnership with Binance, the world&#39;s largest crypto exchange by trading volume, to enable crypto payments in 90 million stores.<blockquote>“We can unlock the full potential of blockchain technology when we make it easier to access &#43; easier to use,” <a href="https://www.linkedin.com/in/michaelmiebach/" rel="noopener noreferrer nofollow">Michael Miebach</a>, CEO of Mastercard, said in a <a href="https://www.linkedin.com/posts/michaelmiebach_crypto-blockchain-payments-activity-6967849730026446849-orUg?utm_source&#61;share&amp;utm_medium&#61;member_desktop" rel="noopener noreferrer nofollow">LinkedIn post</a>. “One way we do that is by bringing crypto to everyday purchases. To make that a reality, we’re working with Binance to let people use their crypto to make purchases at 90m&#43; stores that accept Mastercard. Launching this work in Argentina and plans to expand from there.”</blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/3a8ce63821a04792883bd383a080fa9c.png" />Previously, Binance launched the <a href="https://www.bsc.news/post/binance-card-launches-in-argentina-as-residents-flock-to-crypto" rel="noopener noreferrer nofollow">Binance Card in Argentina</a> with Mastercard. With this partnership, Mastercard will launch cryptocurrency payment cards supporting <a href="https://www.binance.com/en/support/faq/148193623d994edabc4370cb07b4c4d1" rel="noopener noreferrer nofollow">14 cryptocurrencies</a>, including Tether, Bitcoin, Ethereum and BNB. Customers can also earn 1% to 8% in crypto-cash back and will pay no ATM fees.<blockquote>“Since the Argentine peso suffers from hyperinflation of more than 80% and the Argentine government recently put tight controls over the buying of U.S. dollars, Argentinians have flocked to crypto as a safe haven, with as many as 1 in 3 buying or trading crypto every month,” Austin Kimm, Director of Strategy &amp; Investments at MetaFi ecosystem Choise.com said in a press release shared with <a href="https://www.bsc.news/" rel="noopener noreferrer nofollow">BSC News</a>. “Binance is by far the world’s largest crypto exchange, whilst Mastercard, a payments giant, was until recently very anti-crypto. A partnership between two titans in a country crying out for alternatives to their restrictive payments regime is a sign of things to come.”</blockquote><h2 id="header-1">Competition Ahead</h2>Nevertheless, Mastercard may face stiff competition from its rivals in Latin America. As of now, Latin American crypto company Ripio provides <a href="https://www.coindesk.com/business/2022/08/23/latin-american-digital-payments-firm-ripio-launches-prepaid-crypto-card-in-brazil/" rel="noopener noreferrer nofollow">prepaid debit cards</a> that accept crypto payments and earn bitcoin cashback. Additionally, Visa announced in January that its users made <a href="https://www.investopedia.com/visa-crypto-cards-hit-usd2-5-billion-in-volume-in-the-first-fiscal-quarter-of-2022-5217567#:~:text&#61;Visa%20%28V%29%20announced%20that%20cryptocurrency,support%20widespread%20digital%20currency%20adoption." rel="noopener noreferrer nofollow">$2.5 billion</a> in crypto-linked payments in 2022. That was more than half of its total volume in all of 2021.<blockquote>&#34;This signals that consumers see the utility in having a Visa card linked to an account at a crypto platform,&#34; Visa Chief Finance Officer Vasant Prabhu told <a href="https://www.cnbc.com/2022/01/28/visa-says-crypto-linked-card-usage-hit-2point5-billion-in-its-first-quarter.html" rel="noopener noreferrer nofollow">CNBC</a>. &#34;There&#39;s value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly and seamlessly.&#34;</blockquote><h2 id="header-2">The Bear Market and Crypto Payments</h2>Considering the recent market conditions, crypto payments may seem unviable. Since the beginning of the year, Bitcoin’s price has dropped around 50%, while Ethereum and other top 10 cryptocurrencies have also fallen.From another perspective, this may be the opportune time for Binance and Mastercard to launch the card.<blockquote>“I think it&#39;s kind of the perfect time to do this. It&#39;s very low risk. Few people will test it out, which allows troubleshooting and ensuring it works before the next bull market,” a close contact to <a href="https://www.bsc.news/" rel="noopener noreferrer nofollow">BSC News</a> said.</blockquote>Furthermore, both firms have huge markets, with Binance having about<a href="https://wpdevshed.com/binance-statistics/" rel="noopener noreferrer nofollow"> 30 million users</a> and Mastercard having <a href="https://www.statista.com/statistics/624337/number-of-mastercard-debit-cards-usa-globally/" rel="noopener noreferrer nofollow">1.46 billion cards</a> in circulation. This may prove to be an important step in making crypto more accessible through payments. Binance CEO Changpeng Zhou (“CZ”) also expressed excitement about the recent development:<blockquote>“Why struggle to buy USD on the black market to protect your savings when you can now easily buy a cryptocurrency stablecoin that is pegged to the U.S. dollar that can be spent instantly via a payment card in any location that accepts Mastercard directly from your wallet? Don’t be surprised to see this card take a massive market share in a very short period of time,” Austin Kimm said.</blockquote>Read full article <a href="" rel="noopener noreferrer nofollow">https://www.bsc.news/post/what-does-binance-and-mastercard-partnership-mean-for-crypto </a>

Austin Kimm, Director of Strategy & Investments at MetaFi ecosystem Choise.com for BSC News: What Does Binance and Mastercard Partnership Mean for Crypto?

Austin Kimm, Director of Strategy & Investments at MetaFi ecosystem Choise.com for BSC News: What Does Binance and Mastercard Partnership Mean for Crypto?

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