Australian crypto exchange BTC Markets introduces a MasterCard payment option

  • BTC Markets customers can now make direct credit, debit, and prepaid payments to purchase crypto
  • MasterCard previously launched crypto-funded payments cards (for goods and services) in collaboration with crypto exchange CoinJar

Legacy payments platforms have in recent months been diving deeper into cryptocurrencies via partnerships and flagships. The latest, albeit not unfamiliar, name to make headlines is MasterCard. The financial services firm is collaborating with the Australian crypto exchange BTC Markets.

According to local reports, the partnership would see BTC Markets clients enjoy a provision to purchase crypto from the exchange via direct credit, debit and prepaid payments powered by MasterCard. The exchange users will now be able to enjoy ease and safety in completing payments for crypto.

The addition of MasterCard as an option will also boost the accessibility of BTC Markets’ services, as previously, users could only transact via bank transfers.

“We are excited to be partnering with Mastercard who share our focus on stability and innovation and customer protection, and enable us to offer our clients with new ways to engage with this emerging digital asset class,” BTC Markets chief Caroline Bowler said.

BTC Markets is making moves

BTC Markets has been exploring partnerships, and in half a dozen months, it has completed three deals. The MasterCard collaboration is the exchange’s third strategic partnership.

In September, BTC Markets joined hands with Australian neobank Volt. The latter provides integrated baking capabilities for the exchange via its banking-as-a-service (BaaS) platform.

Further, last month, the exchange inked a deal with the online share trading platform SelfWealth to enable the stockbroker platform to offer its clients exposure to digital assets trading.

BTC Markets’ Bowler explained following the MasterCard deal that the exchange is intent on pooling together progressive-thinking partners who understand the potential of the crypto space. The CEO also revealed that the exchange wants to demonstrate that co-existence between crypto and the traditional financial setup is possible.

“From BTC Markets’ point of view, it’s about understanding the needs of our Australian consumers seeking to access crypto safely and securely,” she noted. “Together with our partners, we want to co-create an ecosystem for our clients – to complement their existing finance relationships in the banking, payments, and investments space – all under one roof. From an industry perspective, we’re seeking to demonstrate how crypto can sit alongside traditional finance to seamlessly work together in a financially inclusive future.”

On its part, MasterCard has also established other crypto initiatives in Australia, particularly the collaboration with crypto trading platform CoinJar to launch a crypto-to-fiat (AUD) debit card that allows users to pay for goods and services using crypto where MasterCard is accepted.

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