Aaryamann Shrivastava
FXStreet
- Binance and Mastercard will join efforts to launch a prepaid card in Brazil.
- Binance card will allow receiving and sending cryptocurrencies as well, supporting 14 coins, including Bitcoin and Ethereum.
- Binance Coin price is engaged in a sideways momentum, struggling to maintain its value above $310.
Binance has made its presence as a key player in the crypto industry felt over the last few months since the FTX collapse. Continuing to build on the opportunity, Binance is expanding its operations to different parts of the world.
Binance launches crypto card in Brazil
Binance, in an announcement on Monday, revealed its plans to launch the Binance Card in Brazil. Created in partnership with Mastercard, the prepaid crypto card will allow Binance users to make purchases and pay bills using cryptocurrencies.
Supporting 14 cryptocurrencies, the card will allow users to make crypto payments at 90 million Mastercard merchants.
Issued by Dock, the Binance Card will also allow users to receive and send cryptocurrencies in any of the 14 crypto assets, which includes Bitcoin, Ethereum and Solana.
Expected to arrive over the next few weeks, the Binance Card will be the second such launch by Binance in the last few months. Back in August 2022, Binance launched a similar card in partnership with Mastercard in Argentina.
Commenting on the choice of expanding in Brazil, General Manager at Binance for Brazil said,
“Brazil is an extremely relevant market for Binance, and we will continue to invest in new services for local users, as well as contribute to the development of the blockchain and crypto ecosystem in the country.
According to the 2022 Mastercard New Payments Index, Brazil is among the top markets when it comes to crypto interest. A survey of 35,000 individuals brought forward,
“49% of Brazilian consumers have done at least one crypto related activity in the past year in comparison with the global average of 41%.”
Binance Coin price is not soaring
Binance Coin price performance has been relatively disappointing despite having rallied by over 30% in the span of a few days. However, even the 30% rise has managed to bring BNB back to its pre-November 2022 crash levels to trade at $308.
Tagging the $311 level, the Binance Coin price is gradually making its way back up. In order to completely recover the FTX-induced losses, BNB must breach the immediate resistance at $328. Flipping it into a support level will allow the altcoin to rally further and test the resistance block from $335 to $357.
BNB/USD 8-hour chart
Nevertheless, Binance Coin price is equally vulnerable to a drop as it is currently trading below the $311 area. Continuing down this path would bring BNB to tag the support at $297.3. Losing this would give the altcoin one last chance before slipping toward the critical level at $284. A daily close below the latter will invalidate the bullish thesis, potentially causing a decline to $272.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?