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In recent years, cryptocurrency has become highly popular. Also, thanks to innovative and secure blockchain technology, crypto payments have become a standard payment method worldwide. Now, things are looking to get even more convenient for people using cryptocurrency.
MasterCard recently signed an agreement with several cryptocurrency services providers. Among them are Amber, BitKub, and Coinjar. And, their mission is to develop the first-ever crypto-linked MasterCard payment tools in the Asia Pacific region. Above all, these cards will allow customers living in this region to convert all mainstream cryptocurrencies into fiat money.
MasterCard Crypto Payment Cards
Recently, MasterCard announced partnerships with three Asian cryptocurrency companies to develop the first-ever MasterCard crypto-linked payment card. This service will be available as prepaid cards, credit cards, and debit cards as well. Also, cardholders can top up or deposit Bitcoin and other cryptocurrencies to their cards. Furthermore, they can convert crypto to any fiat currencies when withdrawing money. Lastly, they can conduct online transactions, or use the card to make payments in physical stores.
MasterCard has invested significant time in this development. Meanwhile, several businesses worldwide have already started accepting crypto payments. Additionally, even some of the world’s most popular companies and brands have added Bitcoin as a payment method.
MasterCard backed their research with a survey in the Asia Pacific region. According to it, 45% of the respondents said they are highly likely to use cryptocurrency. This means that the company is on track to becoming the first-ever company to launch a crypto-backed payment card.
MasterCard has a substantial global network. This would help customers use the crypto card similar to using any other card. In addition, cryptocurrency will always add to the MasterCard’s network as traditional currency.
The card will initially accept only the more popular cryptocurrencies. However, the MasterCard crypto-linked payment cards should soon enable other crypto assets, too.
Let’s look at the companies that will play a significant role in this project!
The Amber Group is a Hong Kong-based crypto finance service provider. It has offices in Hong Kong, Taipei, Seoul, and Vancouver. The company launched in 2017 and currently serves more than 800 international clients. Since its inception, Amber Group has managed to trade more than $800 billion. These trades took pace through more than 100 cryptocurrency exchanges. Also, the company operates over $4 billion in asset management.
Recently, Amber Group managed to secure a $100 million Series B funding. This way, it joined the group of FinTech startups that have a valuation of over $1 billion. The company uses innovative quantitative research and cutting-edge technology to offer crypto finance services to consumers.
BitKub is a Thailand-based cryptocurrency exchange company that launched in February 2018. Its mission is to innovate and reimagine the way people carry out their financial transactions. The company operates from Bangkok, Thailand, and provides a user-friendly and intuitive cryptocurrency exchange platform.
BitKub innovatively makes use of blockchain technology and strives to make it more useable and accessible for users. Also, the company provides various flexible services to improve payment services for their clients.
Currently, the company is operating with a capital of 280 million Baht. And, its innovative services have led to a partnership with MasterCard.
Another company collaborating with MasterCard is CoinJar, established in 2013 in Australia and one of the oldest cryptocurrency trading platforms. With its headquarters in Melbourne, CoinJar enables users to buy and sell cryptocurrencies and store them in its proprietary digital wallet. Moreover, users will be able to spend their digital assets to purchase products or pay for services.
Since its inception, CoinJar has won several awards for its services. Also, it benefits from the backing of several venture capitalists and investors. Some of its most innovative offerings include the CoinJar Card. Also, it offers an intuitive Android and iOS app that allows countless people to quickly access and use their digital assets. The company has traded more than $1 billion through its platform and more than $75 million in assets.
Following MasterCard’s announcement, it will take some time before consumers will get to use the MasterCard crypto-linked payment cards. Nevertheless, this service will help bolster cryptocurrency towards the mainstream.
Now, if you are wondering if your company should accept crypto payments, you can reap huge benefits when the MasterCard crypto-linked payment card is finally released.