Australian-based CoinJar Cryptocurrency Exchange has unveiled a MasterCard-backed crypto card. The CoinJar card supports over 30 digital currencies and enables users to sell, buy, and spend cryptocurrencies using the local Australian currencies.
A blog post on the firm’s website stated that cardholders could spend their cryptocurrencies online and in-store purchases. The card, a first in Australia, is activated free of charge. It is integrated with Apple Pay and Google and can be used just like the regular fiat MasterCard. Additional benefits of using the crypto card include rewards and zero monthly fees.
The card automatically converts cryptocurrency to Australian Dollars
Australian CoinJar holders will no longer have first to convert cryptocurrencies to fiat before they can make payments. Users will only need to select the Cryptocurrency they intend to use when making a payment. The card will automatically convert the digital asset to Australian dollars before settling the transaction. The firm’s CEO Asher Tan said:
“CoinJar Card is the following step in our mission to make crypto each accessible and helpful, to everybody, day by day […] 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 offers its customers a complete digital wallet service alongside the cards. This enables users to spend their cryptocurrencies via instant and secure transactions. The can use different devices, including wearables like the Apple Watch. CoinJar MasterCard users have access to a broad merchant base with numerous outlets that accept their crypto cards.
Cryptocurrency-backed cards are taking root
According to the exchange, customers can avail their cards via the updated version of the CoinJar App. The updated terms and conditions of service include the “CoinJar Card and a new complaints process.” CEO Tan added:
“Thanks to MasterCard’s universal acceptance and EML’s technological expertise, CoinJar Card gives our customers true day-to-day crypto functionality. Whether it’s through their smartphone, wearable, or an eye-catching physical card.”
MasterCard has scaled up its level of activity in the crypto sphere. The leading payment processor has simplified crypto-based transactions and offered users a broader exposure in an ever-growing market by partnering with different service providers. MasterCard recently unveiled a New Start Path Cryptocurrency and blockchain program for Startups to enhance innovation and increase adoption. Cryptocurrency- backed cards are taking root in the industry as more businesses partner with MasterCard and Visa to launch their creations.
Tom is a long-serving freelance writer who specializes in the blockchain and cryptocurrency niche. You may even call him a crypto-enthusiast with over 10-years’ experience in content creation, blog writing, and SEO. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.