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Mastercard and BitOasis partner to launch crypto-linked cards

By:
on Oct 25, 2022
Updated: Oct 31, 2022
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  • BitOasis will offer its customers a physical or virtual card linked to their crypto wallet balances.
  • Customers will pay with crypto from their wallet balances, with access to 90 million global locations.
  • The companies expect to launch the crypto-linked cards in 2023.

Cryptocurrency exchange BitOasis and payments giant Mastercard (NYSE: MA) have struck a strategic partnership that will see them release crypto-linked cards, according to an announcement published on Tuesday.

BitOasis customers get physical or virtual Mastercard Crypto Cards that they can link to their crypto wallets, with the program allowing for fiat payments across the Middle East and North Africa (MENA) region.

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Customers with BitOasis Mastercard Crypto Cards will also access payment options across 90 million global locations.

Customer demand for crypto payments 

According to BitOasis, the partnership opens up the day to day use of cryptocurrencies, with customers getting services at major ecommerce platforms and at millions of points of sale. This partnership follows Mastercard’s other crypto credit card partnerships with Gemini and SoFi.

The companies expect to launch the first cards in early 2023 and availability will be subject to regulatory approvals in different markets.

Ola Doudin, CEO and co-founder of BitOasis said that the crypto platform has witnessed increased demand for crypto integration from customers, with most looking for new options relevant to day to day transactions. He noted that the partnership allows them to deliver on these:

“Research tells us that 47% of the Middle East population now believe crypto is the future of money. As the largest crypto platform built for the GCC and MENA region, we are delighted to partner with Mastercard to enable BitOasis customers to benefit from the convenience of linking their BitOasis wallets to their BitOasis Mastercard Crypto Cards for use across Mastercard’s global merchant network.”

A recent survey on global payments by Mastercard showed that 29% of participants held crypto as an investment while 65% said they preferred their trusted financial provider to offer crypto-related services.