CoinJar Launches Crypto-to-Fiat Mastercard Debit Card

Australian crypto trading platform CoinJar has launched a crypto-to-fiat Mastercard debit card, powered by the U.K.’s EML Payments.

The card, announced in a news release Thursday (Feb. 17), is the first of its kind to be launched by a crypto exchange registered by the U.K.’s Financial Conduct Authority.

“CoinJar Card is the next step in our mission to make crypto both accessible and useful, to everyone, every day,” CoinJar CEO Asher Tan said in the release.

The card lets users make purchases by automatically converting cryptocurrencies into fiat currency wherever Mastercard is accepted.

“CoinJar Card represents a defining moment for the U.K.’s crypto space with a GBP-native, cryptocurrency-to-fiat Mastercard that can be activated and used in seconds, all from within CoinJar’s app,” the company said.

Read more: Australia’s CoinJar Launches Crypto Mastercard

Available as both a digital and physical card with Google Pay integration, CoinJar says its card works with nearly 50 cryptocurrencies. The card has no ongoing fees, with a 1% conversion rate that is returned to customers via an in-house rewards program.

Founded in 2013, CoinJar has helped more than 500,000 users in Australia and the U.K. make billions of dollars worth of transactions in bitcoin, ethereum and other cryptocurrencies, according to the release.

The launch follows last year’s rollout of a CoinJar Mastercard in Australia that lets users spend their crypto like cash. Users select the cryptocurrency they want to spend, and the card automatically converts that currency to Australian dollars when a transaction is made.

See also: As Crypto’s Popularity Grows, Gateway Providers Help Merchants Accept it. Here’s a Closer Look

As PYMNTS noted recently, payments processors and merchants have begun to see people who want to pay with cryptocurrency as more than just a fringe minority.

Our research has found that 16% of Americans have already bought or received crypto, while 29% plan to jump into the market. Of that group, 18% — some 46 million people — say they’d use the digital tokens to pay for everything from groceries to travel.