Cryptocurrency exchange Eurocoinpay has signed a partnership with Mastercard, the American financial giant to implement a crypto payment card in Spain. Through this partnership, Eurocoinpay card users will have access to products online, on the web 3 and in more than 90 million businesses within the European Union. The move comes nearly a month after Mastercard signed a similar deal with Binance to facilitate purchases via cryptocurrency in Argentina.
Crypto payment card, a first in Spain
Eurocoinpay, a cryptocurrency exchange based in Spain and registered with the country’s Central Bank has announced a partnership with Mastercard. According to EurocoinPay, the partnership will launch a new card that can be used in physical, online and web-based establishments alike3.
It will be available to all users of the exchange throughout the European Union. But to be able to use it within the framework of the partnership with Mastercard, users will have to pass the KYC required by the American giant in order to fight effectively against money laundering.
Mastercard and Eurocoinpay hand in hand
The implementation of the cryptocurrency payment card delights both companies and especially Eurocoinpay.
For Herminio Fernandez de Blas, the CEO of Eurocoinpay, this partnership does not encourage speculation on the price of cryptocurrencies, it makes them more useful in the real economy.
This decision facilitates purchases with cryptocurrencies […] more and more stores are accepting cryptoassets as a method of payment .This is one more step to make their use conventional. It is not about encouraging trade with them, but rather about making them available to users, so they can use the payment method they prefer.Herminio Fernandez de Blas, CEO of Eurocoinpay.
Mastercard is becoming increasingly interested in cryptocurrency. Lately, the payments giant has been ramping up its partnerships with crypto companies. A few weeks ago, Mastercard partnered with Binance to launch the Binance Card, a card that facilitates cryptocurrency payments at nearly 100 million businesses in Argentina.
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