Wirex – the first cryptocurrency platform to be granted a major MasterCard membership – will release a new multi-currency card once the membership is released.
The company is yet to announce an official release date. However, the company has also updated its existing “Cryptoback” rewards program that has previously been rewarded. This is to encourage people to use cryptocurrency for their daily payments. Therefore, users of each in-store transaction can receive up to 1.56 Bitcoin (BTC).
From now on, online and in-store rewards will be up to 29%. Furthermore, Wirex will reward it’s customers’ local Wirex token with 6% every year.
These new features are now active in the European Economic Area, including support for five new currencies: Coration Kuna, Czech Koruna, Polish Zloty, Romanian Leu, and Hungarian Forint.
Wirex is an encrypted payment processor. The platform’s headquarters in London. The UK’s Financial Conduct Authority regulates the platform. Also, they issue license approving Wirex to issue encrypted cards in Europe. MasterCard supports Wirex cards with multiple currencies and links them to 19 cryptocurrency and fiat currency accounts in the Wirex app.
Earlier this year, the platform Wirex attracted more than 3 million active users and was adopted by more mainstream users. According to the CEO, these mainstream users are typically not hardcore cryptocurrency users.
The service allows users in 130 countries/regions to spend their cryptocurrency and fiat currency using existing dedicated Visa cards and mobile applications.
MasterCard Working with Several Cryptocurrency Companies Alongside Wirex
Signs of deepening integration between the plastic and cryptocurrency worlds are evident. Also, both MasterCard and Visa continue to develop working relationships with well-known cryptocurrency companies.
Coinbase’s card is the first physical encryption card available in the US market and supports Visa and Mastercard payment networks.
Mastercard has been actively seeking cryptocurrency exchanges and payment service providers this year. Therefore, the platform wants these platforms to participate in its recently expanded cryptocurrency card program. This summer, Visa’s approach to digital currency confirmed that cryptocurrency “has become a concept that has surpassed financial technology.”