Mastercard has been consistently making efforts to offer crypto services across the world. The latest partnership with CoinJar, Mastercard will enable the Australian market to spend cryptocurrencies within its fiat infrastructure. CoinJar Card will be made available through digital and physical cards and currently supports fiat-like transactions for 30 cryptocurrencies.
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. CoinJar CEO Asher Tan said the new partnership gives users day-to-day crypto functionality.
The 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. In this effort, the involved parties would use USD Coin (USDC) to counter the volatility prominent within the crypto space.
