Argentina-based cryptocurrency exchange Ripio has announced the first launch of its prepaid debit card and cashback program in Brazil.
This card allows Ripio account holders to pay with their crypto holdings at traditional outlets. Payments can be made in 28 different cryptocurrencies, and users can also benefit from 5% cashback bonuses in Bitcoin.
According to Paymentsjournal.com, Ripio plans to launch 250,000 cards developed jointly with Visa by the end of the year. The digital version of the map is already available.
The same source revealed that Ripio plans to launch the card in Argentina later this year, and is also considering countries like Colombia, Mexico, Spain and Uruguay as potential targets for future launches. According to company officials, Ripio has 3.5 million users in Brazil, Argentina, Uruguay, Colombia, Mexico and Spain.
What has Ripio been up to lately?
According to Coindesk.com, Ripio currently operates in Brazil under its own brand and that of BitcoinTrade, a crypto exchange it acquired in January 2021 for an undisclosed sum. At the time of purchase, BitcoinTrade had around 500,000 users.
In September 2021, Ripio announced a $50 million Series B investment led by Digital Currency Group. Also participating in the round were venture capital funds Amplo VC and Boost VC, as well as investors such as Marcos Galperin, founder of Mercado Livre, and Martin Migoya, founder of Globant.
Similar offerings from Binance and BitPay
In August 2022, cryptocurrency exchange Binance and Mastercard launched a new prepaid rewards card in Argentina that supports both Bitcoin and BNB. The Binance Card, issued by Credencial Payments, allows new and existing users in Argentina with a valid ID card to make daily purchases and perform financial operations such as bill payments using cryptocurrencies.
Supported cryptocurrencies include Bitcoin and BNB, and payments can be made at more than 90 million Mastercard merchants around the world. One of the key features of the prepaid card is that it converts cryptocurrencies into fiat currency in real-time at the point of purchase. Users can also earn up to 8% crypto cashback on eligible purchases.
In the same month, crypto payment processor BitPay partnered with cashback rewards platform Cardlytics to provide a rewarding program for BitPay prepaid card holders. BitPay cardholders can benefit from up to 15% cashback on purchases when using their card at participating retailers, both online and offline.
