Mastercard to bring Bitcoin to Australia: Crypto-linked card underway

Sahana Kiran
Source – Pixabay

The crypto-verse has veered into every part of the world. The increased demand and widespread adoption of the industry have forced governments to roll out regulations governing them. Further elevating its presence in the land down under, Bitcoin [BTC] decided to explore Australia with Mastercard.

According to a recent press release, the Australian crypto exchange Ebonex was partnering with Mastercard. This collaboration was specifically designed to formulate a new crypto-linked card. With this, Ebonex garners the status of being Mastercard’s Principal Member for the issuance of crypto-funded payment cards of the firm.

With this card, the customers of the crypto exchange Ebonex would be able to spend their Bitcoin and other assets where ever Mastercard is accepted. This process will reportedly not require the conversion of crypto into fiat.

Speaking about the same, the CEO of the crypto firm, Dong Hu said,

“Joining the Mastercard network will provide us with the opportunity through Ebonex to drive innovation in the crypto and payment space in Australia. We believe that the ability to collaborate directly with Mastercard, a global leader in payment technology, will foster the creation of solutions, which will enable customers, merchants, and businesses to move digital assets through the global Mastercard payment network.”

Additionally, Hu pointed out that the firm would roll out both physical as well as virtual cards. The rewards that come along with it include digital assets, cashback, lounge access, NFTs, flyer points, online media, and music subscriptions.

It should be noted that Mastercard partnered with Binance earlier this week. Binance and the payments giant hope to roll out a prepaid card in Argentina. This isn’t the first time that Mastercard had expressed interest in crypto. The firm seemed to be slowly taking over the industry.

Bitcoin maintains a low profile

Despite the bear market that pushed Bitcoin down below $20K, its adoption rate did not witness a massive plummet. While several platforms continued adopting the cryptocurrency, its price did not bring in any respite to its investors.

At press time, Bitcoin was trading for $22,969.25 with no major price fluctuations over the last 24 hours. Its counterpart Ethereum, however, was up by nearly 4 percent.