Mastercard collaborates with Ebang and Ebonex to unveil a card connected to cryptocurrencies.
In partnership with Ebang International Holdings Inc. and the Australian exchange Ebonex, Mastercard is set to launch crypto-linked payment cards.
This partnership will empower users to make purchases with their cryptocurrencies wherever Mastercard is recognized, marking Ebonex as the first Australian crypto exchange to achieve Mastercard's Principal Member status.
These cards will facilitate the conversion of cryptocurrencies into fiat, allowing users to access their funds at various retail vendors. Ebonex is set to roll out both physical and virtual cards, offering perks such as NFTs, cashback, airline rewards, lounge access, as well as subscriptions for music and online media.
"As a burgeoning crypto exchange in Australia, we are excited that Ebonex has earned its Principal Membership with Mastercard, permitting us to issue our own crypto-linked Mastercard cards. This represents a fantastic opportunity to broaden our market presence and gain recognition in the financial sector. We are eager to strengthen this collaboration and work alongside Mastercard to create a crypto card solution for our region,\" stated Dong Hu, Chairman and CEO of Ebang International.
"By joining the Mastercard ecosystem, Ebonex will have the chance to spur innovation within the cryptocurrency and payments landscape in Australia. We are confident that our direct collaboration with Mastercard, a prominent payment technology entity, will lead to new solutions that empower customers, vendors, and businesses to manage digital assets via the international Mastercard payment infrastructure. This is a significant milestone, and we are thrilled to position Ebonex as a conduit bridging conventional finance and cryptocurrencies.\"
On August 4, Mastercard unveiled its partnership with Binance, the largest cryptocurrency exchange globally, to introduce a prepaid crypto card in Argentina—a highly competitive market for cryptocurrency cards.
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