Wirex becomes first crypto platform to partner with Mastercard

UK-based crypto payments platform Wirex has announced a partnership with Mastercard. This deal will help drive crypto into the mainstream.

By · Jul 20, 2020 . 5min read

According to a recent press release, Wirex announced it’s partnership with Mastercard. The former is a crypto payments platform based out of the UK with more than 3 million users across 130 countries. This news contributes to the long list that see cryptocurrencies moving toward the mainstream this year.

With this partnership, Wirex can now issue credit and debit cards to it’s customers. People who hold crypto can make everyday payments using these cards. Wirex’s platform will instantly convert their crypto assets into the local currency. This partnership now allows Wirex users to carry out transactions in the 54 million locations around the world where Mastercard is accepted. Wirex has also introduced the first every crypto rewards program, Cryptoback. Customers can get back up to 1.5% Bitcoin for every purchase they make in-store.

Will European Markets result in mass crypto-adoption?

The CEO of Wirex, Pavel Mateev, commented on the excitement of the deal. He also advocated about the convenience the card is going to provide it’s users. Moreover, he stated that Wirex will be announcing a number of major developments over the next few months. Among these is the launch of a payments card specifically for the European region. Wirex along with Mastercard aims to capture European markets. This card will allow them to make ATM withdrawals, have higher spending limits, will expand to include more currencies and lead to reduced fees. Recently the largest cryptocurrency giant, Binance partnered with Swipe to launch Binance Card in UK and Europe.

Wirex has grown substantially over the past one and a half year. It has expanded into Asia, North America and Dublin. It has also launched its native Wirex Token (WTX).

Earlier this year, Chicago-based Zap had announced its partnership with Visa in a deal that mirrors the Wirex-Mastercard partnership. Crypto is heading into the mainstream with increasing momentum, especially now that Visa and Mastercard have formally entered the space.

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