Dubai's BitOasis has signed a deal with Mastercard to launch crypto-linked cards for users. The new cards will be available in the U.S., Europe, and Asia Pacific, with the latter two regions becoming operational later this year.
The partnership will see the two companies work on a "hybrid" card that can be used for both fiat and cryptocurrency payments. The cards will also include a Visa debit account linked to the user's BitOasis wallet, which can be used for the instantaneous purchases of cryptocurrencies or converting them into fiat currency.
"We are excited to partner with Mastercard," said Saeed Ammari, chief executive officer at BitOasis, in an official statement. "Their support makes it possible for us to offer our customers more choices when it comes to payment methods."
BitOasis signed the deal to enable the integration of crypto-linked cards into its platform.
The Dubai-based digital currency exchange said on Wednesday that it is partnering with Mastercard to enable its users to hold cryptocurrency in their wallets and pay for goods and services with them at any point in the value chain.
BitOasis will integrate Mastercard's blockchain-based payments service called M/POS into its app. The partnership sees BitOasis integrate Mastercard's technology into its platform so that customers can hold cryptocurrencies in their wallets and spend them at any point in the value chain.
Dubai-based cryptocurrency exchange BitOasis has signed a deal with Mastercard to launch a crypto-linked card, enabling users to make payments in Bitcoin and Ethereum.
The new Mastercard payment card will be available for customers of BitOasis, which has been operating in the Middle East and North Africa (MENA) region since 2014.
The new service is based on blockchain technology and provides an alternative way to pay bills and make purchases using cryptocurrencies.
BitOasis CEO Hamad Al Kaabi said: "We are excited that BitOasis is partnering with Mastercard as we continue our efforts to bring the benefits of blockchain technology and cryptocurrency to our customers."
"Our goal is to deliver innovative products that enable people around the world to benefit from blockchain technology."
BitOasis, a cryptocurrency exchange based in Dubai, has signed a deal with MasterCard to issue crypto-linked debit cards.
The deal follows BitOasis' previous agreement with Visa International Service Association (Visa) to process payments in cryptocurrency.
The new agreement will allow users of the exchange to make purchases with their BitOasis wallets and digital currency balances on the platform, which are denominated in the local currency, UAE dirhams (UAE currency code: AED).
With this new partnership, BitOasis becomes the first company in the region to offer such a service. The partnership with Mastercard is a major milestone for the company, as it will allow it to expand its services to more countries. The company says that it plans to expand its services to Europe and Asia in 2019.
The company also plans to offer its own debit card that can be used around the world. The card will work like any other debit card, but it will also have a built-in crypto wallet that can be used for transactions at any point of sale (POS) terminal.
The user can then convert these crypto assets into fiat currencies through exchanges or wallets. This is one of the first steps that Indian companies are taking in order to tap into growing opportunities in this space. Other Indian companies have also started looking at ways of tapping into this growing demand for digital payment solutions by offering their own wallets and payment solutions. The card will have an integrated wallet that will allow users to store their cryptocurrency holdings and transact on it seamlessly.