Home Latest Aussie crypto exchange CoinJar partners with Mastercard for crypto cards

Aussie crypto exchange CoinJar partners with Mastercard for crypto cards

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CoinJar, Australia’s leading cryptocurrency exchange, recently partnered with payment processing giant Mastercard. The collaboration will launch a new prepaid card to make digital asset services available to more users.

In an official statement, the exchange announced that the new CoinJar card will allow users to shop with their crypto assets wherever Mastercard accepted. This initiative will allow Australians to spend their cryptocurrencies without having to first convert them to fiat currencies before making payments. With the CoinJar card, users will only have to choose the cryptocurrency they want to pay. It will then be automatically converted to Australian dollars prior to the transaction. Users can also withdraw cash from ATMs.

Thus, all transactions denominated in Australian dollars (AUD) and routed through Australian banks and payment providers.

Other providers use US dollars or Singapore dollars; which in turn leads to the collection of international transaction fees when using their cards for everyday purchases; noted Dominiс Gluchowski, director of marketing for CoinJar. The move follows global payments giant Visa endorsing local Australian startup CryptoSpend to launch a similar product in July.

“We know CryptoSpend is trying to bring the first Australian Visa to market in September; so there is a growing interest in local options, Gluchowski said. We’re just a little ahead of them”.

CoinJar card benefits

The card provides support for 30 different cryptocurrencies, including leading coins such as Bitcoin and Ethereum. According to the announcement, the CoinJar card will be available to users in both digital and physical formats; including integrations with Apple Pay and Google Pay. In addition, the crypto exchange has promised users several other benefits associated with the new card; including free activation, zero monthly fees and rewards.

“The CoinJar Card can be activated for free; with no monthly fees and a low 1% transaction fee that returned to you in CoinJar Rewards every time you spend money”.

The company noted that customers can get their cards through the latest version of the CoinJar app. The Terms of Service have also been updated to include the CoinJar Card and New Complaints Process.

Other agreements between cryptocurrency companies and Mastercard

Cryptocurrency cards are fast becoming the norm in the industry as more companies continue to partner with Visa and Mastercard to launch such innovations. Mastercard has been actively working in the cryptocurrency space lately. The company has partnered with several firms to simplify digital asset transactions and provide its users with access to a fast-growing market. For example, last month, the electronic payments giant announced a new Start Path startup program for cryptocurrency and blockchain companies to drive innovation and adoption.

Also in April, Mastercard teamed up with American exchange Gemini to issue a credit card that rewards Bitcoin users. The company hopes to strengthen its position in the digital coin industry. Mastercard CEO Michael Miebach is optimistic that the asset class will become in demand and gain a foothold in the global financial system.

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