Payments processing giant Mastercard has allowed WireX to be the first company to issue native cryptocurrency cards with its label.
This came with the expansion of Mastercard’s cryptocurrency program as it invited crypto companies to its Accelerate program, thus simplifying the issuance of crypto cards.
“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy,” Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard, said.
“Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay.”
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Demand for crypto cards are increasing
Wirex is a UK-based company regulated by the Financial Conduct Authority (FCA). It offers crypto-to-fiat exchange and also a debit card issued with Visa – the Mastercard-supported card will be its second crypto card offering.
The company is also known for its cashback offer of up to 1.5 percent in Bitcoin of the purchase amount for every transaction. Earlier this year, the company revealed that it has turned its business profitable.
Mastercard’s inclination towards crypto payments was droved by the increasing demand for such services in the industry. Its rival Visa is already a major crypto card issuer.
While the payments giant is streamlining its services for crypto payments, it has highlighted that all the participated companies need to follow its core values.
“We are very excited for Wirex to be the first crypto-native company granted principal membership from Mastercard,” Pavel Matveev, CEO and co-founder of Wirex, said. “It represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators and will help us to realize our vision of empowering everyone to experience a world where all currencies, traditional and crypto, are equal.”