CoinJar, one of Australia’s leading cryptocurrency exchanges, recently partnered with payment processing giant Mastercard to launch a new prepaid card to make digital asset services accessible to traditional users.
CoinJar Launches Crypto Card
In an officer blog post Published Tuesday, the exchange revealed that the new CoinJar card will allow users to make purchases with their own crypto assets wherever Mastercard is accepted.
This initiative will allow Australians to spend their cryptocurrencies without first having to convert them into fiat before making payments. With the CoinJar card, users only need to select the cryptocurrency they wish to pay with, which will then be automatically converted to Australian dollars before making the transaction.
Additionally, the cryptocurrency exchange has promised users many other benefits related to the new card, including free activation, zero monthly fees and rewards.
“CoinJar Card is free to activate, has no monthly fees and a low 1% transaction fee, which is returned to you as CoinJar Rewards every time you spend,” the exchange said.
The card provides support for 30 different cryptocurrencies, including top coins like Bitcoin, Ethereum, and XRP. According to the announcement, the CoinJar card will be available to users in both digital and physical form, including integration into Apple Pay and Google Pay.
The company noted that customers can get their cards through the latest version of the CoinJar app, adding that it has also updated its Terms of Service to include “CoinJar Card and a new claim process”.
Mastercard ventures further into cryptocurrencies
Mastercard has recently been very active in the crypto space and has partnered with several companies to help streamline digital asset transactions and give their users visibility into the rapidly growing market.
Last month, the leading payment processor announced a new Start Path startup engagement program for cryptocurrency and blockchain companies, with the goal of improving innovation and increasing adoption.
Mastercard hopes to strengthen its position in the industry, as the company’s CEO is optimistic that the asset class is here to stay and commented during a earnings call last Friday that the company must “be in.” [crypto] space.”
The rise of crypto cards
Cryptocurrency cards are fast becoming the norm in the industry as more and more companies continue to partner with Visa and Mastercard to launch such innovations.
In December 2020, Visa approved Simplex, Israel’s fiat to crypto solutions provider, to issue debit cards, thus enabling more than 60 million merchants on the Visa network to receive digital asset exposure.
In early April, Mastercard partnered with US exchange Gemini for unroll a credit card that rewards users with bitcoins.
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