Mastercard to Bring Bitcoin to Australia: Crypto-Pegged Card Underway

The crypto-verse has strayed to all parts of the world. The increased demand and widespread adoption of the industry have forced governments to implement regulations governing them. Further elevating its presence in the land below, Bitcoin [BTC] decided to explore Australia with Mastercard.

According to a recent press release, Australian crypto exchange Ebonex has partnered with Mastercard. This collaboration was specifically designed to formulate a new cryptographically linked card. With this, Ebonex obtains the status of Mastercard’s main member for the issuance of payment cards with cryptographic funds of the company.

With this card, customers of the Ebonex cryptocurrency exchange could spend their Bitcoin and other assets wherever Mastercard is accepted. Reportedly, this process will not require conversion from crypto to fiat.

Speaking of the same, the CEO of the crypto firm, Dong Hu, said:

“Joining the Mastercard network will provide us with the opportunity through Ebonex to drive innovation in the crypto and payments space in Australia. We believe the ability to collaborate directly with Mastercard, a global leader in payments technology, will foster the creation of solutions that enable customers, merchants and businesses to move digital assets through Mastercard’s global payments network.”

In addition, Hu said that the company would launch both physical and virtual cards. Accompanying rewards include digital assets, cash back, lounge access, NFTs, flyer points, online media, and music subscriptions.

It should be noted that Mastercard partnered with Binance earlier this week. Binance and the payment giant hope to launch a prepaid card in Argentina. This is not the first time that Mastercard has expressed an interest in cryptocurrencies. The firm seemed to be slowly taking over the industry.

Bitcoin keeps a low profile

Despite the bear market that pushed Bitcoin below $20K, its adoption rate did not witness a massive drop. While various platforms continued to adopt the cryptocurrency, its price did not bring any respite to its investors.

At press time, Bitcoin was trading at $22,969.25 with no major price fluctuations in the last 24 hours. Its Ethereum counterpart, however, was up nearly 4 percent.

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