BitPay, a blockchain-based payments provider, has introduced a Mastercard pre-paid card backed by the group, which ensures users can spend their cryptocurrency at different companies by converting it to fiat, according to a press release. Wherever Mastercard is accepted, these users can take advantage of this card to spend their cryptocurrency. On that note, users can also spend their crypto online or even pull from an ATM using the same card.
Speaking on the matter is Stephen Pair, the co-founder and CEO of BitPay, who had said:
“The BitPay Card offers new benefits and features for consumers making it easier to convert Bitcoin and other cryptocurrency into a spendable balance without currency risk. We are excited to work with Mastercard to expand crypto’s use, while making it easy for businesses to attract new customers who want to spend Bitcoin and offer more places for customers with Bitcoin to shop.”
As of now, users can spend Bitcoin, Bitcoin Cash, Ethereum, Ripple, and some stablecoins utilizing the card. BitPay ensures purchased crypto is available almost instantly and even provides gift cards for users to buy for their friends and family. Sherri Haymond, the executive vice president of Digital Partnerships at Mastercard, also spoke on the matter, stating:
“At Mastercard, we’re committed to offering differentiated financial services to consumers on a global scale. We’re excited to be working with BitPay to offer consumers greater choice and flexibility when it comes to managing their finances.”