As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the evolution of technology and its impact on traditional payment systems. The partnership between Mastercard and Crypto.com is a significant step forward in the integration of cryptocurrencies into mainstream finance.
On December 4th, Mastercard granted a license to the Hong Kong-based cryptocurrency exchange, Crypto.com, allowing them to initiate their prepaid card services on the Mastercard network across the Gulf Cooperation Council (GCC) region, starting with Bahrain in January of 2025.
As per a post on Mastercard’s blog, once they receive their cards, users can deposit funds into their accounts through the Crypto.com application using electronic money wallets or credits and debits cards issued by other companies.
The card is accessible on every level of the Crypto.com card range, which includes the premium “Black Obsidian” tier, granting benefits of up to 8% and cashback payments in U.S. dollars.
On social media, the cryptocurrency community swiftly expressed their opinions, with numerous individuals praising the move. Yet, a bit of uncertainty arose over whether this new alliance with Mastercard might affect Crypto.com’s existing Visa-supported services.
A user on X.com, believed to be part of the Crypto.com community, stated that in the Gulf Cooperation Council (GCC) region, where Visa-supported Crypto.com cards are not yet accessible, Mastercard-backed options will take their place instead. This suggests that regions already utilizing Visa services will continue to do so uninterrupted.
Crypto.com expands into the GCC
Mastercard mentioned that this collaboration isn’t limited to Bahrain, but will extend to additional regions within the Gulf Cooperation Council (GCC) such as Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates in the future.
This area is often seen as forward-thinking regarding cryptocurrencies, blockchain technology, and the broader Web3 sector.
Amnah Ajmal, an executive vice president of market development at Mastercard, said:
“Crypto.com will now have access to our global network, enabling transactions wherever Mastercard is accepted, our innovative payment solutions powered by cutting-edge technology, and our comprehensive tools for enhancing transaction security and fraud protection.”
Read More
- CAKE PREDICTION. CAKE cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- DMTR PREDICTION. DMTR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- OM PREDICTION. OM cryptocurrency
- TRAC PREDICTION. TRAC cryptocurrency
- ZIL PREDICTION. ZIL cryptocurrency
- API3 PREDICTION. API3 cryptocurrency
2024-12-04 21:18