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Crypto exchange launches a digital asset Mastercard

Technology

The card allows Coinspot users to purchase anywhere that accepts Apple or Google Pay.

By Josh Needs 12 minute read

Crypto currency platform CoinSpot has released a Mastercard that allows holders to spend digital assets at any retailers using Apple or Google Pay. 

The card will be the simplest way to make everyday use of cryptocurrency, said CoinSpot’s chief product officer Gary Howells. 

“The launch of the CoinSpot Mastercard effectively makes this the easiest and most secure way to spend your cryptocurrency in Australia and around the world,” he said. 

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“This has been a long time coming, and we’re thrilled to be a leading force in expanding the utility of cryptocurrency in Australia.” 

The company said the card would be digital only and transactions incurred a 1 per cent conversion fee, but no ongoing or activation fees. 

CoinSpot said the card would allow consumers to spend any of the 370-plus listed crypto currencies on the exchange.

Users could select the cryptocurrency to spend at any time through the CoinSpot app. 

CoinSpot said the digital card was powered by EML payments, which developed the ability for crypto users to spend the currency in a secure way. 

“Australia has one of the world’s highest cryptocurrency adoption rates, with 23 per cent of all Australians owning one or more digital assets,” said Rachelle St Ledger, CEO Australia at EML Payments. 

“As cryptocurrencies move from the fringe to the early majority with industry shapers like CoinSpot, EML Payments is creating leading-edge solutions to allow crypto businesses and their users to utilise their assets in the real world with the speed, security, and simplicity of traditional payment methods.” 

Founded in 2013, CoinSpot has one of the largest selections of tradeable crypto assets in Australia and over 2.5 million customers.

The Accountants Daily Strategy Day 2022 will do a deep dive into the digital asset revolution, the crypto crackdown, and answer your burning tax and trading questions. It will arm you with information on how crypto is being taxed in Australia and the ATO's approach to the digital currency.

Click here to book your tickets and make sure you don't miss out!

For more information, including agenda and speakers, click here.

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Josh Needs

Josh Needs

AUTHOR

Josh Needs is a journalist at Accountants Daily and SMSF Adviser, which are the leading sources of news, strategy, and educational content for professionals in the accounting and SMSF sectors.

Josh studied journalism at the University of NSW and previously wrote news, feature articles and video reviews for Unsealed 4x4, a specialist offroad motoring website. Since joining the Momentum Media Team in 2022, Josh has written for Accountants Daily and SMSF Adviser.

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