CoinJar, Australia’s oldest cryptocurrency exchange, recently partnered with payments giant Mastercard to launch a new prepaid card to make digital asset services accessible to conventional users.
In an official blog published on Tuesday, the exchange announced that the new CoinJar card will allow users to make purchases with their cryptocurrencies wherever the Mastercard is accepted.
This initiative will allow Australians to spend their cryptocurrencies without first having to convert them into fiat currency before making payments. With the CoinJar card, users only need to select the cryptocurrency they wish to pay with, which will be converted into Australian dollars automatically before making the transaction.
In addition, it offers users other benefits tied to the new card, including free activation, zero monthly fees, and rewards.
The card supports 30 different cryptocurrencies, including some major ones like Bitcoin, Ethereum and XRP. As per the announcement, the CoinJar card will be available to users in digital and physical format, including integration with Apple Pay and Google Pay.
Mastercard has been actively positioning itself in the crypto world, and has partnered with a number of companies to help simplify digital asset transactions and give its users exposure to the rapidly growing market.
Last month, it even announced a new startup engagement program, Start Path, for cryptocurrency and blockchain companies, aimed at accelerating innovation and adoption.
According to Mastercard’s CEO, the company hopes to deepen its presence in the industry, and is optimistic that the asset class is here to stay.
Cryptocurrency cards are becoming increasingly common as more companies continue to partner with Visa and Mastercard to launch these innovations.
In December 2020, Visa approved Simplex, the Israeli provider of fiat (ie fiat) solutions to the world, to issue debit cards, thus allowing more than 60 million merchants on the Visa network to receive exposure to digital assets.
In early April, Mastercard partnered with North American brokerage Gemini to launch a credit card that gives users bitcoin cashback.