Wirex – the first cryptocurrency platform to become a Mastercard Master – will issue a new multi-currency card immediately upon membership.
Wirex is a London-based cryptocurrency payment processing system regulated by the UK Financial Conduct Authority and authorized to issue cryptocurrency cards in Europe.
Mastercard will support multi-currency Wirex card and connect to 19 cryptocurrency and fiat accounts in the Wirex app. The official release date has not been announced yet.
In an effort to encourage the use of cryptocurrency for day-to-day payments, the company is also working on updating its existing rewards program, “ Cryptoback, ” which so far rewards users up to 1.5% in Bitcoin (BTC) for every-store transaction.
Going forward, rewards will reach up to 2% online and in store, with rewards of up to 6% of original Wirex token balance annually.
In anticipation of MasterCard’s offer, Wirex is also launching several other new features and building a partnership with payment solutions company LHV.
In the European Economic Area, new features now available include support for five new currencies: Coration Kuna, Czech Koruna, Polish Zloty, Romanian Leu and Hungarian Forint.
Earlier this year, the platform reached more than three million active users, with more regular users “who are not usually hard-core cryptocurrency users,” the CEO said.
Wirex allows users in 130 countries to use their cryptocurrencies and fiat currencies with their existing dedicated Visa card and mobile app.
Signs of deepening integration between plastics and cryptocurrencies are clear, and Mastercard and Visa continue to partner with prominent cryptocurrency companies.
Coinbase was the first physical crypto card to be released on the US market and supported Visa and Mastercard payment networks.
Mastercard is actively seeking crypto exchanges and payment service providers this year to participate in the recently expanded cryptocurrency card program.
This summer, a review of Visa’s approach to digital currencies confirmed that cryptocurrency is “a concept gaining traction outside of fintech.”