Crypto space has been ruling the world nowadays. The increasing daily popularity of this sector and demand have forced big industry giants to roll out a vast range of functions. Today, Ebang Internationals, a global blockchain technology company, announced that its Australian cryptocurrency exchange platform Ebonex had struck a partnership with Mastercard to explore Australia with Bitcoin (BTC) through its crypto-linked card.
An Innovative Foray Into Australia’s Crypto Space
Mastercard is a leading global payments & technology company that connects consumers, businesses, merchants, issuers & governments around the world. While, Ebonex allows users to buy, provide and trade crypto assets. This partnership between two leading companies will strengthen the crypto ecosystem in Australia.
This partnership was formed specifically with the intention of developing a new crypto-linked card. By virtue of this development, Ebonex can now boast the status of being Mastercard’s Principal Member for the company’s issuance of crypto-funded payment cards.
Because of Ebonex’s partnership with Mastercard, customers will have the freedom to spend their cryptocurrency holdings anywhere they choose. This is because Mastercard will seamlessly transact users’ cryptocurrency in order to convert it into fiat currency that the retailer will accept.
A Crucial Partnership For Ebonex
Earlier this week, Mastercard partnered with Binance to roll out a prepaid card in Argentina. A partnership with leading global payment like Mastercard will undoubtedly boost Ebonex’s crypto expansion.
According to the press release, the CEO of Ebonex, Dong Hu, said, “As a new crypto exchange in Australia, we are privileged for Ebonex to attain a Principal Membership with Mastercard to self-issue crypto-linked Mastercard cards. It is an amazing opportunity for us to extend our market reach and gain recognition in the payment and financial area. We will look to build on this collaboration and work closely with Mastercard to enable a crypto card product in the region.”
The CEO added, “Joining the Mastercard network will provide us with the opportunity through Ebonex to drive innovation in the crypto and payment space in Australia. We believe that the ability to collaborate directly with Mastercard, a global leader in payment technology, will foster the creation of solutions, which will enable customers, merchants, and businesses to move digital assets through the global Mastercard payment network.”
Ebonex promised to roll out both physical and virtual cards for users’ transparency. The rewards that come along with the transactions on the card include digital assets, cashback, lounge access, NFTs, flyer points, online media, and music subscriptions.
In February, the Australian Transaction Reports and Analysis CenterRaug provided Ebonex with the official registration approval necessary to operate as a cryptocurrency exchange. The company is looking for more partnerships for its expansion during this crypto winter, which is one of the reasons why it is looking more bullish. Because Bitcoin is currently trading for less than $20,000, there was no upheaval in the adoption rate. Despite the fact that the price of the cryptocurrency did not provide any relief to its investors, a number of platforms continued to work toward adopting it.