- Binance and Mastercard are joining forces to launch a prepaid card in Brazil.
- The Binance Card allows you to receive and send cryptocurrencies and supports 14 currencies including Bitcoin and Ethereum.
- Binance coin price is in a sideways movement and is trying to maintain its value above $310.
Binance has emerged as a major player in the crypto industry in recent months since the crash of FTX. Binance continues to build on this opportunity and expand its operations in different parts of the world.
In an announcement on Monday, Binance revealed plans to launch the Binance Card in Brazil. Developed in partnership with MasterCard, the prepaid cryptocurrency card allows Binance users to make purchases and pay bills using cryptocurrency.
The card supports 14 cryptocurrencies and enables users to make crypto payments at over 90 million MasterCard merchants.
The Doc-issued Binance Card allows users to receive and send cryptocurrencies in any of 14 cryptocurrencies, including Bitcoin, Ethereum and Solana.
The Binance Card is expected to arrive in the coming weeks, marking Binance's second announcement in recent months. In August 2022, Binance launched a similar card in Argentina in collaboration with MasterCard.
Regarding the decision to expand to Brazil, Binance's Brazil CEO said:
“Brazil is a very important market for Binance and we will continue to invest in new services for local users and help develop the country's blockchain and crypto ecosystem.
According to MasterCard New Payments Index 2022, Brazil is one of the leading markets for crypto interest rates. A survey of 35,000 people began
“49% of Brazilian consumers have engaged in at least one crypto-related activity in the past year, compared to a global average of 41%.
The price of Binance coins is not increasing
The price action of Binance Coin has been quite disappointing, although it has risen more than 30% in just a few days. But a 30% rally managed to bring BNB back to pre-November 2022 crash levels, trading at $308.
Binance Coin price is slowly coming back to mark the $311 level. To completely erase the losses caused by FTX, BNB needs to break the immediate resistance at $328. A return to the support level would allow the altcoin to continue to recover and test the resistance block between $335 and $357.
BNB/USD 8 hour chart
However, Binance Coin is just as vulnerable to a price drop as it is currently trading below $311. If this path continues, BNB will mark support at $297.3. A loss would give the altcoin one last chance before falling to the crucial $284 level. A daily close below the latter would invalidate the bullish thesis and potentially drop to $272.