Eurocoinpay, a Spanish cryptocurrency exchange, has partnered with Mastercard to launch cryptocurrency cards in Spain. The company has always been interested in including cryptocurrency as payment solutions. The exchange will launch the first cryptocurrency debit card in Spain. However, a few loyal customers already have the card. The crypto debit card will function in more than 90 million institutions of the European Union around the globe.
Eurocoinpay believes that the card will help its customers better use cryptocurrency assets. Herminio Fernandez de Blas, CEO of Eurocoinpay, believes this step will increase cryptocurrency adoption and awareness.
…” this move consolidates purchases with cryptocurrencies, something that is increasingly being implemented in a more significant number of stores that accept these digital assets as a payment method.”
Master Card CEO Michael Miebach also thinks this is a great idea. Michael further states that this card will help Eurocoinpay users to make purchases anywhere in the world. The 90 million stores will allow for this.
Why has Eurocoinpay Partnered with Mastercard?
Fernandez de Blas explains that Eurocoinpay aims to make valuable cryptocurrency by using it as a payment method.
“It is not about encouraging trading with these virtual currencies, but rather making them available to users so they can decide to use the digital value they prefer as a means of payment.”
To get and use the card, you must pass Mastercard’s money laundering controls and meet Eurocoinpay’s requirements. Eurocoinpay will make the card available to all the exchange customers in the European Union.
It is encouraging to see top exchanges like Eurocoinpay adopting cryptocurrency. Even credit and debit card giants like MasterCard and Visa are warming up to cryptocurrency. This enables financial institutions to become free to adopt cryptocurrency.
2022 has marked the height of cryptocurrency adoption. Even though companies like Mastercard’s CFO Sachin Mehra say that they view cryptocurrency only as an asset class due to its volatility, it is only a matter of time before its full adoption.
Mastercard and Cryptocurrency Adoption
MasterCard is scaling and now has a branch for cryptocurrency adoption, “Crypto Services & Payment Solutions by MasterCard. “According to Mastercard’s official website,
MasterCard uses its worldwide network to make cryptocurrency accessible to billions of users globally. MasterCard is helping companies launch a crypto card program to reduce the complexity of converting fiat to cryptocurrency. Banks considering moving to cryptocurrency and finding the process costly can use MasterCard. MasterCard even has a cryptocurrency team to help you transition and manage assets.
“Whether you are a central bank considering central bank digital currencies or a crypto wallet provider trying to understand the work of payments — or anything in between — we have crypto and payment professionals ready to assist and guide you.”
Using Ciphertrace, you can trace the movement of cryptocurrency funds. This applies to banks, exchanges, governments, and even regulators. Mastercard and other forms of digital payments are adopting cryptocurrency. It is high time for small financial institutions to scale up and embrace crypto.