Australian crypto exchange CoinJar has launched a card backed by Mastercard. The card allows users to buy, sell and spend digital assets directly from its platform using fiat currency.
CoinJar Card which marks Australian crypto first under the Mastercard brand will be made available through digital and physical cards and currently supports fiat-like transactions for 30 cryptocurrencies.
Mastercard’s latest agreement with CoinJar will allow the Australian market to use its fiat infrastructure to spend cryptocurrency.
The newly introduced CoinJar Card, according to CoinJar’s blog post, would allow customers to make crypto purchases “anywhere Mastercard is accepted.”
Users will be able to get their hands on the CoinJar Card via digital and physical cards, as well as Apple Pay and Google Pay connections.
The card supports 30 cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and XRP, according to the official statement.
CoinJar will convert the cryptocurrency into Australian dollars before completing the transaction after users select their chosen cryptocurrency for payment.
The company boasts of having “no recurring costs and a modest 1% conversion rate – returned to clients via an in-house rewards program,” according to the statement. Asher Tan, CEO of CoinJar, stated that the new relationship provides customers with day-to-day crypto capabilities.
Given that the Australia-based crypto exchange had to relocate to the United Kingdom in 2014 to dodge Australia’s crypto taxation, CoinJar’s relationship with Mastercard may appear to be a return.
The CoinJar Card is exclusively available through the company’s in-house app, which appears to have revised its “Terms of Service to include CoinJar Card and a new complaints process.”
Mastercard recently announced a collaboration with a group of cryptocurrency companies to make bitcoin-to-fiat conversions easier.
Mastercard aims to give its users access to cryptocurrency by partnering with Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc., and Galileo Financial Technologies.
The parties interested in this project would employ USD Coin (USDC) to combat the high volatility in the crypto market.
Visa, like Mastercard, has increased its efforts in Australia to provide crypto-focused services, including a Bitcoin debit card that facilitates transactions for key altcoins.