CoinJar, a leading Australian cryptocurrency exchange, has recently partnered with the payment processing giant Mastercard to launch a new prepaid card to make digital asset services accessible to mainstream users.
CoinJar Launches Crypto Card
In an official blog post published on Tuesday, the exchange disclosed that the new CoinJar card will allow users to make purchases with their crypto assets wherever Mastercard is accepted.
This initiative will enable Australians to spend their cryptocurrencies without having to first convert them to fiat before making payments. With the CoinJar card, users will only have to select the cryptocurrency they wish to pay with, which will then be converted to Australian dollars automatically before making the transaction.
Additionally, the crypto exchange promised users several other benefits tied 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 – returned to you as CoinJar Rewards every time you spend,” the exchange said.
The card provides support for 30 different cryptocurrencies, including the top coins like Bitcoin, Ethereum, and XRP. As per the announcement, the CoinJar card will be available to users in both digital and physical forms, including integration into Apple Pay and Google Pay.
The company noted that customers can get their cards via the latest version of the CoinJar app, adding that it has also updated its Terms of Service to include “CoinJar Card and a new complaints process.”
Mastercard Ventures Further Into Crypto
Mastercard has recently been very active in the crypto space and has partnered with several businesses to help simplify digital asset transactions and give its users exposure to the rapidly growing market.
Last month, the leading payment processor announced a new Start Path startup engagement program for crypto and blockchain companies, with the aim of improving innovation and increasing adoption.
Mastercard hopes to deepen its foothold in the industry, as the company’s CEO is optimistic that the asset class is here to stay and commented during an earnings call last Friday that the company has “to be in the [crypto] space.”
The Rise of Crypto Cards
Cryptocurrency cards are fast becoming the norm in the industry, as more businesses continue to partner with Visa and Mastercard to launch such innovations.
In December 2020, Visa approved Simplex, the Israeli provider of fiat to crypto solutions, to issue debit cards, thus allowing over 60 million merchants on the Visa network to receive digital asset exposure.
Earlier in April, Mastercard partnered with U.S.-based exchange Gemini to roll out a credit card that rewards users with bitcoin.