Spanish crypto exchange Eurocoinpay has made a deal for offering one of the first debit cards based on cryptocurrency in Spain.
Customers of Eurocoinpay already have access to the card in question and now users will be able to take advantage of it by shopping in more than 90 million locations in the European Union as well as the world.
Crypto debit card
It should be noted that Eurocoinpay is also registered as a crypto exchange with the Bank of Spain, as per the requirements of the country.
It has entered into a partnership with MasterCard for offering one of the first crypto-based debit cards in the country, making it one of the first companies to make such a move.
Eurocoinpay has been open about its interest of adding crypto solutions to its list of payment methods and it believes that doing so would help people in utilizing their crypto assets in a better way.
The chief executive of Eurocoinpay, Herminio Fernandez de Blas, stated that offering such an intermediate product is essential for boosting the popularity of cryptocurrencies.
The CEO said that this would allow people to use crypto for making purchases, which a great number of stores are now supporting because they are ready to asset digital assets as a payment method.
Michael Miebach, the chief executive of MasterCard, said that Eurocoinpay users will be able to use this card at more than 90 million stores globally to pay for their purchases.
Crypto as a payment method
According to Eurocoinpay, this move is the right one for making cryptocurrencies useful for people and for serving different purposes.
The CEO of the crypto exchange stated that it was just another step in making these digital currencies more conventional.
He said that it was not just about trading these virtual currencies, but ensuring that they are available to users, which allows them to use their digital value as a means of payment.
Those who wish to use this crypto debit card would have to meet the requirements outlined by Eurocoinpay and also clear the money laundering controls imposed by MasterCard.
The card will be accessible to all customers of the Spanish crypto exchange based in the European Union.
This move has helped Eurocoinpay become one of the latest in a series of crypto exchanges that have been expanding their portfolio of services in order to offer their clients products linking crypto and fiat.
This is due to the fact that payment giants, such as MasterCard and Visa, have also become crypto-friendly, which enables financial institutions to offer their clients comprehensive crypto services.
But, even though some companies do support crypto payments, they are not completely in favor of using crypto as a payment option.
Sachin Mehra, the CFO of MasterCard, said in August that the company considers cryptocurrencies to be an asset class because of their volatility.
Their volatile nature is a concern for a number of companies that are on the fence about entering the market.