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Eurocoinpay, a Spanish cryptocurrency exchange, has closed a deal to offer one of the first cryptocurrency-based debit cards in Spain. The card, which is already available to customers of Eurocoinpay, will allow users to purchase products in more than 90 million establishments in the EU and around the world.
Eurocoinpay, a cryptocurrency exchange based in Spain, and registered with the Bank of Spain, has partnered with Mastercard to become one of the first companies in the country to offer its own cryptocurrency-based debit card. The company, which has always been interested in including cryptocurrency solutions as payment methods, believes that this will help its customers better leverage cryptocurrency assets.
Herminio Fernandez de Blas, CEO of Eurocoinpay, believes this type of intermediary is necessary to popularize crypto. He stated that this move “consolidates purchases with cryptocurrencies, which is increasingly being implemented in a larger number of stores that accept these digital assets as a payment method.”
According to Mastercard CEO Michael Miebach, this card will help Eurocoinpay users make purchases in more than 90 million stores worldwide.
Eurocoinpay considers the move a step in the direction of making cryptocurrencies useful to customers for various purposes. Fernandez de Blas explained:
This is another step towards making the use of cryptocurrency more conventional. It is not about encouraging trading of these virtual currencies, but rather making them available to users so that they can make the decision to use the digital value they prefer as a means of payment.
Customers who wish to use this card must meet Eurocoinpay’s requirements and also pass Mastercard’s money laundering checks. The card will be available to all customers of the exchange in the EU.
Eurocoinpay is the latest in a long line of exchanges that have expanded their portfolio of services to offer products that connect fiat and cryptocurrency. The reason behind this is that credit giants such as Visa and Mastercard are now more crypto-friendly than before, which allows financial institutions to offer more comprehensive crypto services.
But even when they support crypto payments, some companies are not yet completely sold on the idea of crypto as a payment option. In August, Mastercard’s CFO Sachin Mehra stated that the company viewed crypto more as an asset class due to its volatility.
What do you think of the new cryptocurrency debit card offered by Eurocoinpay and Mastercard? Tell us in the comments section below.
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