The new payment product will be available across all five tiers of Crypto.com’s card offerings with USD denomination. Credit: Mastercard.

Crypto.com has obtained a new principal licence from Mastercard, allowing the company to directly issue cards on the Mastercard network. 

The company will introduce a card in Bahrain powered by Mastercard, with plans for gradual expansion throughout the GCC region. 

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It will enable Crypto.com customers to use their cards at more than 150 million locations worldwide, both in-store and online.  

The cards can be funded through the Crypto.com app, using e-money wallets or credit and debit cards from third parties.  

The new payment product will be available across all five tiers of Crypto.com’s card offerings with USD denomination, including the premium Black Obsidian tier, which offers rewards of up to 8% on spending.  

Crypto.com APAC & MEA general manager Karl Mohan stated: “We’re really proud to be partnering with Mastercard, a global technology leader in the payments industry, and utilising our recently issued Payment Service Provider licence from the Central Bank of Bahrain to launch our world-renowned prepaid card to our users in Bahrain and beyond 

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Mastercard EEMEA market development executive vice president Amnah Ajmal said: “We are delighted to welcome Crypto.com as a Mastercard Principal Member. The programme 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.” 

It is said that Crypto.com aims to offer its users freedom and choice in how they spend their crypto assets in everyday transactions. 

Last month, Crypto.com collaborated with payment solutions provider Ingenico to make crypto payments more accessible to merchants by offering a ‘plug-and-play’ solution.