Mastercard and EurocoinPay partner to launch cryptocurrency debit cards in Spain
Spanish cryptocurrency exchange platform EurocoinPay has partnered with global financial giant Mastercard to provide the first-ever cryptocurrency-based debit cards for eligible users in Spain.
The card is available to customers who meet EurocoinPay's requirements and pass Mastercard's money laundering regulations. Owners will be able to use the card to purchase goods and services from over 90 million merchants within the European Union and other parts of the world.
CEO of EurocoinPay, Herminio Fernández, believes the card will encourage the use of cryptocurrencies in Spain since "it is increasingly implemented in a greater number of stores that accept these digital assets as a payment method".
'This is one more step to making the use of cryptocurrencies more conventional. It is not about encouraging trading with these virtual currencies, but rather making them available to users so that they can make the decision to use the digital value they prefer as a means of payment,' Fernandez said.
EurocoinPay recently got official approval from the Bank of Spain after completing its registration as a cryptocurrency service provider. Last year, it also received multiple grants from the government to let Spanish citizens pay for their everyday goods and services using cryptocurrency.
Mastercard has also been getting involved in the cryptocurrency scene lately. Last month, in collaboration with Binance, it introduced a prepaid card in Argentina that allowed users to make payments using cryptocurrencies with just their national ID.
Despite its interest, the multinational financial services company still considers cryptocurrencies as an asset class rather than a payment option due to their wild market movements.