Mastercard is partnering with blockchain technology company Ebang International Holdings Inc. and with Australian crypto exchange Ebonex to develop crypto-linked payment cards.
The collaboration will enable users to spend their cryptocurrencies anywhere Mastercard is accepted as a Mastercard Principal Member. With this partnership, Ebonex becomes the first crypto exchange from Australia to receive Mastercard’s Principal Member status.
The cards will convert crypto into fiat currency and make the funds available for use at retail merchants. Ebonex plans to issue physical and virtual cards that will reward holders with NFTs, cashback, frequent flyer points, lounge access, and music and online media subscriptions.
“As a new crypto exchange in Australia, we are privileged for Ebonex to attain a Principal Membership with Mastercard to self-issue crypto-linked Mastercard cards. It is an amazing opportunity for us to extend our market reach and gain recognition in the payment and financial area. We will look to build on this collaboration and work closely with Mastercard to enable a crypto card product in the region,” said the chairman and CEO of Ebang International, Dong Hu.
“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. This is an important milestone and we are looking forward to Ebonex becoming the bridge between traditional finance and cryptocurrency.”
On August 4, Mastercard announced its partnership with the largest crypto exchange, Binance. The companies are collaborating to launch a prepaid crypto card in Argentina, one of the most competitive cryptocurrency card locations.
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