BitOasis inks deal with Mastercard to launch crypto-linked payment cards

Business•October 25, 2022, 11:00AM EDT
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BitOasis inks deal with Mastercard to launch crypto-linked payment cards

Quick Take

  • Mastercard signed a partnership with BitOasis to offer cryptocurrency-linked cards for customers in the MENA region.
  • The payment processing giant has signed similar deals in the past with firms like Nexo and Amber group. 
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Cryptocurrency exchange BitOasis is partnering with Mastercard to offer customers crypto-linked payment cards.

BitOasis will offer physical and virtual cards linked to their exchange accounts, according to a statement from the firm. The first cards are set to launch in early 2023.

The crypto-linked payment cards will be available to BitOasis customers across the Middle East and North Africa (MENA). Final settlement will be fiat-based, per the announcement.

Today's announcement represents Mastercard's latest crypto play, having partnered with crypto lender Nexo in April to offer a similar crypto-backed payment card. The Nexo card is linked to a crypto-backed credit line, allowing investors to spend as much as 90% of the fiat value of their crypto assets. 

In 2021, the firm partnered with several firms across the Asia Pacific, including Amber Group, CoinJar, and Siam Commercial bank-owned exchange platform Bitkub to offer crypto-linked payment cards.