Mastercard announced on Dec. 4 that it had issued a license to Hong Kong-based cryptocurrency exchange Crypto.com to begin offering its pre-paid payments card services on the Mastercard network in the Gulf Cooperation Council (GCC) region, beginning with Bahrain in January of 2025.
According to a blog post from Mastercard, once issued, cardholders will be able to fund their accounts via the Crypto.com app using e-money wallets or third party-issued credit and debit cards.
The card will be offered across all five Crypto.com card tiers, including its top-level “Black Obsidian” offering, with rewards of up to 8% and card payouts in US dollars.
The crypto community was quick to respond on social media with many lauding the move. However, some confusion appeared to ensue concerning whether the new partnership with Mastercard would impact Crypto.com’s current Visa-backed offerings.
An account on X.com purportedly associated with the Crypto.com community advised that, in the GCC, where Visa-backed Crypto.com cards aren’t currently available, the Mastercard-back offerings would fill that void — the implication being that other markets currently served by Visa would remain unaffected.
Users in the GCC will reportedly receive Mastercard-backed cards instead of Crypto.com’s Visa-backed offerings. Source: ngngdhd0l
Crypto.com expands into the GCC
Mastercard also said that the partnership would expand beyond Bahrain in the future and into other territories in the GCC, which includes Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The region has generally been considered progressive when it comes to cryptocurrency, blockchain, and Web3 technologies.
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Amnah Ajmal, an executive vice president of market development at Mastercard, said:
“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.”
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