Mastercard partnered with three Asia-based cryptocurrency companies to establish a bitcoin payment card. The three digital asset platforms include Hong Kong's crypto finance firm Amber Group, Thailand's crypto exchange Bitkub, and Australia's trading platform Coinjar.
The partnership intends to allow consumers to convert bitcoin and other cryptocurrencies into fiat currencies. Mastercard is set to introduce crypto-linked credit, debit, and prepaid cards for individuals and businesses across Asia Pacific in partnership with the aforementioned platforms. Cardholders will be able to instantly convert bitcoin and other digital currencies into fiat to use for online or offline shopping. The new offering is limited to merchants that accept Mastercard payments.
The collaboration results from a growing interest in cryptocurrencies at an all-time high rate in the region.
Image Credit: Mastercard