Colombia is the third Latin American country to welcome the product in eight months.
Binance, the world’s largest exchange, has launched its crypto-focused prepaid card in Colombia. The product will allow Colombian residents to pay for their goods and services using Shiba Inu (SHIB) and 11 other crypto assets supported by the card.
The exchange disclosed the development in a recent tweet, noting that Colombia will be the third Latin American country to receive the product, following the launch in Argentina and Brazil.
Quiubo Colombia!#Binance Card is now available in the country, the third stop in our Latin American crypto adoption journey after Argentina and Brazil. pic.twitter.com/B4QIN3nbjp
— Binance (@binance) March 10, 2023
According to Binance’s official announcement, the prepaid card offers a feature that enables users to instantly convert supported assets, including Shiba Inu, to fiat currency at any point of sale terminal where the card is accepted.
This means that Colombian residents can easily utilize SHIB and other cryptocurrencies to make purchases at over 90 million merchants, both online and in-store, that accept Mastercard payments.
Moreover, the announcement disclosed that MOVii, a renowned digital financial payments resource based in Colombia, will be responsible for issuing the card. Binance has also noted that there will be no fees charged for ATM withdrawals and that eligible purchases will have an 8% cashback feature. However, there is a 0.9% conversion fee when converting from crypto to fiat currency.
“We believe that the launch of Binance Card will encourage even wider adoption of crypto among Colombians, contributing to the development of the blockchain and crypto ecosystem in the country,” Daniel Acosta, General Manager of Binance in Colombia, remarked.
The Colombian launch comes barely two months after Binance unveiled the card in Brazil, and eight months after the exchange launched the product in Argentina.
The Rise in SHIB Payments
Recall that Binance added Shiba Inu to the list of supported assets for the card in August 2022. This move significantly expanded the Shiba Inu’s reach in terms of payments, and it continues to have a positive impact as SHIB payments experience significant growth.
Recently, reports revealed that Newegg, one of the top e-retailers in North America, is looking to start accepting Shiba Inu payments on its platform. Gucci, Jacob & Co and Travala are some of the notable entities that have already integrated SHIB payments.