Exchange platform CoinBene has announced plans to launch a fully-crypto payments card, after partnering with Mastercard on the development.
The Singapore-based cryptocurrency service will offer the card from September, allowing users to pay for everyday transactions from cryptocurrency balances — just as they would with any regular debit card, CoinBene announced in a Medium post.
This includes facilities like cash withdrawals, sending money directly and paying bills, as well as integrating with other platforms such as WeChat.
The card will be managed through a dedicated app, with deposits available through bank transfer, vouchers and even through CoinBene accounts, while giving users the chance to spend their cryptocurrency balances through direct conversion to fiat at the point of purchase.
According to the CoinBene post, the product will initially launch in Brazil, with the option to withdraw cash from up to 15,000 so-called ‘Friendly Withdraw’ locations across the country.
Besides the traditional ATMs, the CoinBene Card customer will manage to withdrawal money in any establishment that has the label ‘Friendly Withdraw,’ estimated to be more than 15,000 places in Brazil. Just take your digital account app into the store, enter the amount you want to withdraw, read a barcode and you’re done! The checkout counter will make available the amount chosen.
The exchange added, “Paying bills, shopping on the internet and even making withdrawals in reais has become easier for the user of crypto-coins. Brazil is the fifth country with the largest number of people who have some crypto actives — 8.1% of Brazilians between 16 and 64 years old. Now they will have more functionality for their cryptos.”
CoinBene Brazil CEO, Feng Bo, said the launch was initially aimed at Brazil’s 300,000 Chinese expats, and would be launched to coincide with the 70th anniversary of the People’s Republic of China.
“The CoinBene and MasterCard’s co-branded card will celebrate the 70th anniversary of the People’s Republic of China, targeting 300,000 Chinese Imigrantes in Brazil, as well as millions of Brazilian local users radiating from Chinese merchants,” Bo said.
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