CoinJar joins other crypto exchange companies partnering with Mastercard

Another cryptocurrency exchange company, CoinJar, joins the roster of others with Mastercard for a cryptocurrency card as the two have signed a partnership deal recently.

“The new partnership gives users day-to-day crypto functionality,” CoinJar CEO Asher Tan said.

CoinJar Card, a Mastercard-powered crypto card, enables its consumers to buy, sell or spend cryptocurrencies at business establishments or banks where Mastercard is accepted.

Bitcoin, Ether, XRP-supported

In an official statement, among the 30 virtual currencies CoinJar Card is supporting, are the largest brands in the market such as Bitcoin (BTC), Ether (ETH), and XRP.

Since CoinJar is an Australian crypto exchange firm, its chief marketing officer, Dominic Gluchowski, said that all CoinJar Card transactions will be done in Australian denomination and will be routed through the country’s banks and payment providers.

Additionally, all transactions have no ongoing fees and a low 1% conversion rate — returned to customers via an in-house rewards program, according to the company’s press statement.

Recently, Mastercard executive vice president of digital asset and blockchain products and partnerships, Raj Dhamodharan, praised crypto firms that are capable of converting virtual currency to traditional fiat money, saying that not all crypto firms have the foundational infrastructure to do it.

First of its kind in Australia

While other crypto cards bear huge transaction fees as they charge U.S. or Singaporean dollar international rate for the fees, CoinJar Card, which is a pioneer crypto card in Australia, assures Australians that no transaction fees will be charged even when they use it for everyday purchases.

Another Australian crypto card, CryptoSpend, will be coming out in September, but this time it will be a Visa-powered crypto card.

“We know CryptoSpend is attempting to bring the first Australian-native Visa to the market in September, so there’s a growing appetite for a local option. We’re just a tiny bit ahead of them,” Gluchowski said.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/coinjar-joins-other-crypto-exchange-companies-partnering-with-mastercard/