Bit2Me Debuts Debit Card in Collaboration with Mastercard
- Bit2Me, the largest crypto exchange in Spain, has partnered with Mastercard, to debut the crypto cashback debit card.
- The card will provide users with 9% crypto cashback on every purchase and will use the Mastercard network to settle transactions.
- The card will also be accessible through mobile devices, including NFC-enabled smartphones and smartwatches.
- It be linked to eight crypto coins, Bit2Me (B2M), Bitcoin (BTC), Ether (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), Polkadot (DOT), and Tether (USDT).
The gap between the worlds of traditional finance and crypto finance is gradually being bridged as another partnership between two companies results in a debit card with crypto cashbacks. As per an announcement, Bit2Me, the largest crypto exchange in Spain, has confirmed that it will join hands with the second-largest payment-processing corporation worldwide, Mastercard, to debut the crypto cashback debit card.
As per a press release, Bit2Me, the first company to be recognized as a virtual currency service provider by the Bank of Spain, plans to “revolutionize the way traditional investors view and use cryptocurrency with their new debit card release.” This card will use the Mastercard network to settle transactions and will therefore allow for crypto payments at over 90 million businesses worldwide, boosting the adoption of digital assets on a global scale.
“Dozens of professionals have been involved in this project, and after two years of work, we have found the key to connect cryptocurrencies to the Mastercard payment network. To do this, we had to modify the transaction flow so that customers can use cryptocurrencies to pay instantly and transparently for businesses. Moreover, we have managed to add up to 9% cash back on purchases,” said CEO and co-founder of Bit2Me, Leif Ferreira.
The Bit2Me card offers 9% cashback on every purchase, which makes it one of the few cards with the highest cashback rates on a global scale. Interestingly, the card will also be accessible through mobile devices, including NFC-enabled smartphones and smartwatches, revealed the company.
It is also crucial to note that the Bit2Me card will be linked to eight crypto coins, including the native token of the crypto exchange B2M, followed by Bitcoin (BTC), Ether (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), Polkadot (DOT), and Tether (USDT). The card will also allow users to switch easily between wallets whenever they want to do so.
Interestingly, the proprietary software makes it quite easy for users to select the desired currency for each payment and pay directly from their accounts. The exchange has also plans to expand the options for customers to make international payments and, therefore, will add more crypto coins in 2023.
Furthermore, the press release confirmed that the Bit2Me card will work just like traditional currencies and allow instant online payments and cash withdrawals at ATMs without the actual need for the exchange to act as a mediator. There are many safety features integrated into the card as well, ranging from the ability to lock and unlock the card and set usage limits, to NFC-related safety support.
“Our mission is to bring the use of cryptocurrencies closer to everyone. Bit2Me Card allows you to use your cryptocurrencies easily and quickly in your day-to-day life. You can use cryptocurrencies, such as Bitcoin, or stablecoins, such as USDT, at physical or online stores,” said Andrei Manuel, COO and co-founder of the exchange.
As reported earlier by BitcoinWisdom, Mastercard has been increasing its crypto presence throughout 2022 and recently partnered with popular Ethereum scaling solution, Polygon blockchain, to release its Artist Accelerator program. Mastercard also confirmed that it would enable banks to provide crypto trading services to their clients.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
