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Australian Exchange CoinJar Unveils Crypto Mastercard in Country First
The company said its CoinJar Card marked an Australian first in denominating in local dollars, beating a competitor to market.
Updated Sep 14, 2021, 1:34 p.m. Published Aug 3, 2021, 2:00 a.m.
Australia's longest-running crypto exchange has launched a card backed by Mastercard allowing users to buy, sell and spend digital assets directly from its platform using local dollars.
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The CoinJar Card, which marks an Australian crypto first under the Mastercard brand, is available either physically or digitally through both Google and Apple Pay integration.
CoinJar's card supports up to 30 different cryptocurrencies and features a 1% conversion rate that is returned to customers via an in-house rewards program, the company said in a press release on Tuesday.
Dominic Gluchowski, chief marketing officer at CoinJar, told CoinDesk via email on Monday the card was the first "Australian-native" crypto card. The exchange brought in assistance from payments solutions provider EML for technological advice.
"All transactions are denominated in Australian dollars (AUD) and are routed through Australian banks and payment providers," said Gluchowski.
Other providers utilize the U.S. dollar or Singaporean dollars, which in turn, leads to "crippling" international transaction fees while using their cards for everyday purchases, Gluchowski added.
The move comes hot on the heels of Global payments giant Visa approving local Australian startup CryptoSpend to issue a similar product in July.
"We know CryptoSpend is attempting to bring the first Australian-native Visa to market in September, so there’s a growing appetite for a local option," said Gluchowski. "We’re just a tiny bit ahead of them."
Read more: Visa Approves Australian Startup to Issue Debit Cards for Spending Bitcoin
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