Towards the end of August, Binance and Mastercard launched the pilot of a prepaid card in Argentina to aid users using crypto for everyday purchases. Notably, Argentina was the first country in Latin America to release the product. The statement issued back then read,
“The Binance Card is part of the company’s ongoing efforts towards furthering global cryptocurrency adoption in a tangible manner.”
Shiba Inu support added
Now, Binance Argentina has added Shiba Inu to the list of supported tokens on its cards in the said country. The official announcement on Twitter highlighted that SHIB can be used to pay more than 90 million merchants worldwide. Notably, users will also get cashback and ATM fee benefits.
Furthermore, Binance Card has launched a new promotion for its users in Argentina. The first 5,000 users who apply for their Binance Card and make a successful card transaction in the period between 12 September and 30 September will qualify to receive BUSD token vouchers.
A win-win move for SHIB?
Even though the cryptocurrency markets have been wobbly over the past few months, Argentines have been viewing the said asset class as a “safe haven,” owing to surging inflation and other economic crises. Citizens have compared the peso with ice cream in the past, indicating how the currency “melts” in terms of how much one can buy with it. Resultantly, the masses prefer to save in other currencies, including dollars and crypto.
Elaborating on the same, a recent New York Times report brought to light,
Now, many Argentines are turning to cryptocurrencies as one way to escape the peso. About one-third of Argentines said they bought or sold cryptocurrencies at least once a month, double the percentage of people in the United States.
Evidently, people in Argentina are getting more inclined towards crypto. And in such an environment, Binance Argentina adding the support of Shiba Inu on its card will likely aid in fostering the adoption of the token.