CoinJar Unveils First Crypto MasterCard In Australia

Australian crypto exchange CoinJar has released the first crypto MasterCard in the country. A post on CoinJar’s website confirmed that this card can be used just like a fiat MasterCard. Users get to spend their crypto with a fully-featured card both online and in-stores.

CoinJar users can use their cards in stores and places where MasterCards are accepted. Users can either get a physical card to spend their digital currencies with. The cards can also be gotten digitally through both Google and Apple Pay and use their cards online. CoinJar offers up to 30 different cryptocurrencies that can be spent on the cards.

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“CoinJar Card is the next step in our mission to make crypto both accessible and useful, to everyone, every day.” – Asher Tan, CoinJar CEO

Pay As You Go

CoinJar offers a full digital wallet along with the cards. This helps users to spend their cryptocurrencies on the goal. Transactions are instant and secure with whatever device the user has. Or wearables, e.g, Apple Watch.

MasterCard’s already wide merchant base provides CoinJar MasterCard users access to countless outlets where they can use their crypto cards. Spending on the card attracts a 1% transaction fee. However, this transaction fee is returned to users in the form of CoinJar Rewards, which they can also use in the future.

“Thanks to Mastercard’s universal acceptance and EML’s technological expertise, CoinJar Card gives our customers true day-to-day crypto functionality,” said Tan. “Whether it’s through their smartphone, wearable, or eye-catching physical card.”

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CoinJar offers the MasterCard crypto card free to users. All users have to do is have an updated version of the CoinJar app.

The card simply takes the cryptocurrency from the user’s balance and then converts it to Australian dollars. Transactions are all conducted in Australian dollars. Routed through various Australian banks and payment provides.

Crypto Adoption In Australia

Australians have continuously shown a growing interest in the crypto market. This report shows that one in six Australians are currently investing in crypto. This indicates that 17 percent of Australians have a cryptocurrency investment. Up 5% in just six months from the 12% number at the beginning of the year 2021.

Total market cap slumps as rally slows down | Source: Crypto Total Market Cap on TradingView.com

Back in June, it was reported that Visa crypto debit cards were going to be released in the country. CryptoSend had teamed up with payments giant Visa to bring a physical debit card to users.

This just goes to show how fast crypto adoption is moving in the country.

Featured image from pumpthedoge.com, chart from TradingView.com