Singapore-based cryptocurrency exchange firm Crypto.com has secured a principal license with Mastercard, enabling the company to directly issue cards on Mastercard’s network.

Crypto.com said in a statement on Wednesday that it will launch a card in Bahrain powered by Mastercard.

The new program will leverage Mastercard’s trusted, scalable and secure payments network to enable Crypto.com customers to use their card at over 150 million in-store and online locations worldwide.

Users can easily fund their cards through the Crypto.com app using e-money wallets or third party-issued credit and debit cards.

The innovative payment product will be available across all five Crypto.com card tiers, including Black Obsidian, offering rewards up to 8 percent on spending and will be denominated in USD.

“We’re really proud to be partnering with Mastercard, a global technology leader in the payments industry, and utilizing our recently issued Payment Service Provider license from the Central Bank of Bahrain to launch our world-renowned prepaid card to our users in Bahrain and beyond,

“Mastercard has shown its support for the digital assets industry by creating a robust card program service that’s specifically tailored for our customers, allowing us to expand our product offering into new markets whilst proving our continued commitment to the highest levels of security and compliance,” said Karl Mohan, General Manager APAC & MEA of Crypto.com.

According to the statement, the partnership cements the progression of Crypto.com’s popular card program globally, as the company seeks to give its users more freedom and choice on how to spend their crypto assets in real-world payment scenarios.

“We are delighted to welcome Crypto.com as a Mastercard Principal Member. The program provides a wide range of benefits and opportunities beyond the direct issuance of Mastercards,

“Crypto.com will now have access to our global network, enabling transactions wherever Mastercard is accepted, our innovative payment solutions powered by cutting-edge technology, and our comprehensive tools for enhancing transaction security and fraud protection,” said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

Founded in 2016, Crypto.com is a cryptocurrency platform used by more than 100 million customers worldwide.

Mastercard, which supports a wide range of digital payments choices, has businesses in 200+ countries.

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