Aussie crypto exchange CoinJar partners with Mastercard for crypto cards
Mastercard has been making headlines consistently as it ramps up efforts to offer crypto services across the globe. In the latest partnership with CoinJar, Mastercard will enable the Australian market to spend cryptocurrencies within its fiat infrastructure. CoinJar’s blog post highlighted that the newly launched CoinJar Card will allow users to make purchases in crypto, “wherever Mastercard is accepted.”
The CoinJar Card will be made available for users through digital and physical cards and Apple Pay and Google Pay integration. According to the official announcement, the card supports 30 cryptocurrencies, including prominent ones such as Bitcoin (BTC), Ethereum (ETH) and XRP.
After users choose their preferred cryptocurrency for payment, CoinJar will convert the crypto into Australian dollars before making the transaction. The company’s announcement highlights having “no ongoing fees and a low 1% conversion rate – returned to customers via an in-house rewards program.” CoinJar CEO Asher Tan said the new partnership gives users day-to-day crypto functionality.
CoinJar’s partnership with Mastercard may seem like a comeback given that the Australia-based crypto exchange had to shift to the UK back in 2014 as a move against avoiding Australia’s crypto taxes. Users can procure the CoinJar Card only from the company’s in-house app, which has seemingly updated its “Terms of Service to include CoinJar Card and a new complaints process.”
Mastercard recently announced a partnership with a group of crypto businesses to help simplify cryptocurrency-to-fiat conversions. By involving Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc. and Galileo Financial Technologies, Mastercard intends to allow exposure to cryptocurrency for its users.
In this effort, the involved parties would use USD Coin (USDC) to counter the volatility prominent within the crypto space. Along with Mastercard, Visa has also amped up efforts towards offering crypto-focused services in Australia with a Bitcoin debit card that supports transactions for major altcoins.