Australia’s oldest crypto-exchange CoinJar has introduced a MasterCard-backed card that enables consumers to sell and spend cryptocurrencies while automatically converting them from the country’s local currency.
Branded as CoinJar Card, this is the first time that MasterCard has been able to launch a crypto product in the country.
The exchange itself currently supports 30 different assets and has a 1% conversion rate that goes back to customers thanks to the company’s rewards program.
Essentially, this is the first Australian-native crypto card, according to CoinJar chief marketing officer Dominic Gluchowski who spoke with CoinDesk earlier this week.
All transactions will be in Australian dollars and routed through local banks, and Gluchowski noted this means consumers can avoid US or Singapore dollar conversions which usually came with hefty price tags.
MasterCard is hot on the trails of Visa which struck a partnership with startup company CryptoSpend to offer a similar product.
Globally, more banks and payment processing firms are looking into bringing FIAT and crypto currencies together in order to encourage smoother adoption.
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