Australia’s longest running digital currency exchange, CoinJar, teamed up with Mastercard for the continent’s first crypto payment Mastercard.
The new crypto card from power duo CoinJar and Mastercard allows investors and crypto enthusiasts alike to take their experience with digital currencies to another level. The card allows holders to use their crypto like a traditional fiat currency. This goes for both in-store and online purchases.
Cardholders enjoy free set up, zero monthly fees, and CoinJar Rewards which come back with each purchase. The card is available to Australian consumers.
The digital exchange made an announcement on Twitter earlier today.
How it Works
The new card is compatible with both Google Pay and Apple Pay. Therefore, like most other cards these days, it can be accessed through a mobile device. For others that want a physical card in their hands, this is also a feature.
As with much of the incentivized spending seen these days, the CoinJar card is no different. Everytime a consumer pays $1 AUD in transaction fees, 100 CoinJar Rewards are awarded. They’re able to be redeemed at the exchange’s Rewards store.
While there are no startup fees, in store and online purchases, along with ATM withdrawals, garner a 1% fee.
Certainly this is a big development to come from Australia’s longest running and highly trafficked digital currency exchange. However, the development also comes on the heels of the country mulling over new crypto regulations.
Mastercard Making Moves
This is only the latest in a string of news updates from Mastercard and its involvement in the crypto space. The financial service provider continues a crypto-friendly trend in its bid to provide its user base with the most robust capabilities.
Recently, Mastercard debuted its first corporate program, which caters specifically to crypto and blockchain startups. The program boasts of partnership opportunities, mentorships, and various other services to the winning startups.
In addition to the program, last month Mastercard announced enhancements to their program for crypto wallets and exchanges.