Visa and Mastercard have teamed up with cryptocurrency firms to bring crypto debit and even bank cards to the business world. One such partnership, Mastercard, has just partnered with one of Australia’s most popular exchanges, CoinJar.
Mastercard has consistently made headlines as it expands its efforts to offer crypto services globally. Mastercard’s latest partnership with CoinJar enables the Australian market to spend cryptocurrencies through its existing fiat infrastructure. According to CoinJar’s blog post, the newly launched CoinJar Card will enable users to make crypto purchases “wherever Mastercard is accepted.”
The CoinJar Card will be available to users via digital and physical cards, as well as integration with Apple Pay and Google Pay. The card supports 30 cryptocurrencies, including well-known ones such as Bitcoin (BTC), Ethereum (ETH), and XRP, according to the official announcement.
CoinJar will convert users’ preferred cryptocurrency into Australian dollars prior to completing the transaction. According to the company’s announcement, there will be “no ongoing fees and a low 1% conversion rate – returned to customers via an in-house rewards program.” According to CoinJar CEO Asher Tan, the new partnership provides users with everyday crypto functionality.
CoinJar’s partnership with Mastercard may appear to be a comeback, given that the Australian-based cryptocurrency exchange was forced to relocate to the United Kingdom in 2014 in order to avoid Australia’s crypto taxes. The CoinJar Card is available exclusively through the company’s in-house app, which appears to have updated its “Terms of Service” to include the CoinJar Card and a new complaints process.
Mastercard recently announced a collaboration with a group of cryptocurrency businesses to aid in the simplification of cryptocurrency-to-fiat conversions. Mastercard intends to provide its users with exposure to cryptocurrency by partnering with Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc., and Galileo Financial Technologies.
The parties involved in this endeavor would use USD Coin (USDC) to mitigate the volatility prevalent in the cryptocurrency space. Along with Mastercard, Visa has increased its efforts in Australia to offer crypto-related services, including a Bitcoin debit card that supports transactions in major altcoins.
Also Read: US Senator Says Crypto Tax In Infrastructure Bill Is “Unworkable”
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