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A partnership with the credit company aims to make digital currency available for everyday transactions.
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Ebonex launches crypto-funded Mastercards
19 August 2022
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Cryptocurrency exchange platform Ebonex has partnered with Mastercard to enable holders of bitcoin, ethereum and other digital currencies pay for everyday purchases.
Chairman and chief executive of Ebonex, Dong Hu, said expanding the use of cryptocurrency in Australia was an exciting prospect.
“This is an important milestone and we are looking forward to Ebonex becoming the bridge between traditional finance and cryptocurrency,” said Mr Hu.
“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.”
Chief innovation officer at Ebonex, Johnny Phan, said that the aim was to enable people to use cryptocurrency like fiat currency.
“Allowing them to buy their crypto on the exchange and then effectively as they go out and want to buy a coffee or a drink, lunch or dinner they don’t need to go through the lengthy process to use it, they can just tap their card and spend it and pay for everyday goods and needs,” said Mr Phan.
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“For an everyday spender it will look and feel like what you do today, if you have funds in your balance, it will automatically authorise.”
Ebonex said that there would be no charge when the card was used but users would incur a small fee on the sale and conversion of the cryptocurrency.
“In terms of the exchange rate we will take a live rate effectively at the time of the sale,” he said.
“We’ll take the live rate and charge a small fee on that for the user to do a live exchange and be able to spend straight away.”
Users with large cryptocurrency portfolios could nominate through the company app which digital currency they wanted their card to use.
He said the business was hoping to develop a rewards system that targeted an audience more interested in the metaverse than frequent flyers.
“We’re trying to get a little bit better understanding of our customer base of what they want and provide those rewards,” he said. “It would be as you spend you get the rewards system.”
Mr Hu said that the rewards system could even include NFTs.
“We plan to issue both virtual and physical cards to our customers and for the cards to reward users in the form of digital assets, NFTs, cash back, frequent flyer points, lounge access and subscriptions to online media and music,” said Mr Hu.
Mr Phan said the card could be used worldwide.
“This card is intended for global use so you will be able to use it wherever Mastercard is accepted,” Mr Phan said.
Ebonex said that it aimed to issue both virtual and physical cards to its Australian users by October, with the physical cards expected to be the first illuminated LED cards in Australia that light up when used.
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