CoinJar launches Australia’s first crypto linked card with Mastercard
CoinJar, Australia’s leading cryptocurrency exchange, has partnered with the payment processing giant Mastercard to launch a new prepaid crypto linked card that will make digital asset services accessible to mainstream users.
CoinJar Launches Crypto Linked Card
On Tuesday, the exchange disclosed in an official blog post that with the new card, users would be able to make purchases with their crypto assets wherever Mastercard is accepted. This initiative will allow Australians to spend their cryptocurrencies without converting them to fiat currencies before making payments. With the CoinJar card, users will only have to select the cryptocurrency they wish to pay with, which will be converted to Australian dollars automatically before making the transaction. The crypto exchange promised that the new card will come with several other benefits, including zero monthly fees, free activation, and rewards.
“CoinJar Card is free to activate, has no monthly fees and a low 1% transaction fee – returned to you as CoinJar Rewards every time you spend,” the exchange said.
The card supports 30 cryptocurrencies, including top coins such as Bitcoin, Ethereum, and XRP. As per the announcement, the CoinJar card will be accessible in both digital and physical forms, including via Apple Pay and Google Pay. The company also stated that customers could get their cards via the CoinJar app, adding that it has updated its Terms of Service to include the card and a new complaints process.
Mastercard Ventures Further Into Crypto
Mastercard has recently been quite active in the crypto space. It has partnered with several businesses to simplify digital asset transactions and provide its users access to the rapidly growing market. Last month, the leading payment processor announced a new startup engagement program for crypto and blockchain companies to improve innovation and increase adoption.
Mastercard hopes to expand its foothold in the industry and the company’s CEO is optimistic that the asset class is here to stay. CEO Michael Miebach said, “What we believe we do is bring a perspective to the market as a multi-rail payment provider. We have to be in this space because people are looking for answers,”
The Rise of Crypto Cards
Cryptocurrency cards are now becoming the norm in the industry as more and more businesses continue to partner with Visa and Mastercard to launch such cards. In December last year, Visa approved Simplex, the Israeli company that provides fiat to crypto solutions, to issue debit cards, thereby allowing more than 60 million merchants on the Visa network to receive digital asset exposure. In April this year, Mastercard also partnered with U.S.-based exchange Gemini to launch a credit card that rewards users with bitcoin.