For the first time in its history, Purchase-headquartered Mastercard has extended principal membership to a cryptocurrency-native platform.
The London-headquartered digital payment platform Wirex will now be able to issue Mastercard-branded debit cards for use in the 130 countries where it operates. The Wirex platform converts cryptocurrency into traditional currency through its debit card, and its rewards program Cryptoback automatically gives customers up to 1.5% back in Bitcoin for every in-store purchase.
Wirex, which operates as a British regulated e-money institution and has U.S. offices in Atlanta and Dallas, is also planning to expand into issuing corporate cards for its business clients.
“Wirex is proud to have become a principal member of Mastercard,” said Pavel Matveev, co-founder and CEO Wirex. “It has always been our vision to empower everyone to enjoy the advantages of a world where all currencies are equal, and this membership is a step in the right direction.”
Edoardo Volta, head of fintech for Mastercard”™s operations in the U.K. and Ireland, added the new relationship with Wirex will provide consumers with “further choice and flexibility in the way they pay. We look forward to supporting Wirex in the delivery and growth of their innovative payment solutions.”
