Aussie crypto exchange CoinJar partners with Mastercard for crypto cards

Mastercard has been making headlines consistently as it ramps up efforts to offer crypto services across the globe. In a new partnership with CoinJar, Mastercard will enable the Australian market to spend cryptocurrencies within its fiat infrastructure. CoinJar’s blog post highlighted that the newly launched CoinJar Card will allow users to make purchases in crypto “wherever Mastercard is accepted.”

The CoinJar Card will be made available for users through digital and physical cards and Apple Pay and Google Pay integration. According to the official announcement, the card supports 30 cryptocurrencies, including prominent ones, such as Bitcoin 

BTC

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$21,281

, Ether 

ETH

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$1,572

 and

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$0.39

 

 

After users choose their preferred cryptocurrency for payment, CoinJar will convert the crypto into Australian dollars before making the transaction. The company’s announcement highlights having “no ongoing fees and a low 1% conversion rate — returned to customers via an in-house rewards program.” CoinJar CEO Asher Tan said the new partnership gives users day-to-day crypto functionality.

CoinJar’s partnership with Mastercard may seem like a comeback, given that the Australia-based crypto exchange had to shift to the United Kingdom back in 2014 as a move against avoiding Australia’s crypto taxes. Users can procure the CoinJar Card only from the company’s in-house app, which has updated its “Terms of Service to include CoinJar Card and a new complaints process.”

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Related: Mastercard’s latest partnership to help banks distribute crypto cards

Mastercard recently announced a partnership with a group of crypto businesses to help simplify cryptocurrency-to-fiat conversions. By involving Circle, Paxos, Evolve Bank & Trust, Metropolitan Commercial Bank, Uphold, BitPay, Apto Payments, i2c Inc. and Galileo Financial Technologies, Mastercard intends to allow exposure to cryptocurrency for its users.

In this effort, the involved parties would use USD Coin 

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 to counter the volatility prominent within the crypto space. Along with Mastercard, Visa has also amped up efforts toward offering crypto-focused services in Australia with a Bitcoin debit card that supports transactions for major altcoins.

 

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Eth2 will help Ether outpace Bitcoin, Pantera Capital CEO predicts

Ether has more potential than Bitcoin as a newer cryptocurrency, and the latest EIP-1559 will help the token trade more like a fixed asset, Pantera Capital CEO said.

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Amid the looming Ethereum London hard fork, Pantera Capital CEO Dan Morehead predicted that the upcoming upgrade would likely help Ether 

ETH

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$1,572

 outpace Bitcoin 

BTC

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$21,281

 as the largest cryptocurrency.

 

As a newer cryptocurrency, Ether has more potential than Bitcoin, Morehead said at the Reuters Global Markets Forum on Monday, noting that the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help the digital token to trade more like a fixed asset.

One of five EIPs in the Ethereum London upgrade, EIP-1559 is an anticipated update to Ethereum’s existing fee structure, introducing a minimum payment for sending Ethereum transactions and move away from a bidding system that allows miners to prioritize the highest bids. Designed to programmatically adjust fees for users to pay the lowest bid for each block, the EIP-1559 upgrade could potentially make Ether a deflationary asset.

“You’ll see a transition of people who want to store wealth, doing it in Ether rather than just Bitcoin,” Morehead predicted, adding that the cryptocurrency’s shift to Ethereum 2.0 will significantly reduce Ether’s mining energy consumption levels compared with the one of Bitcoin. Ethereum’s wide implementation in decentralized finance applications would also help Ether grow bigger than Bitcoin, he said.

Despite predicting a brighter future for Ether, Morehead is still optimistic about Bitcoin’s growth in the future. The CEO reportedly predicted that Bitcoin would trade between $80,000 and $90,000 by the end of 2021, rising above $120,000 within a year. Surging mainstream adoption could further drive Bitcoin’s price to as high as $700,000 in the next decade, Morehead noted.

Related: Ether price hits 2-week high as London hard fork momentum builds

Launched in 2015, Ether is the second most valued cryptocurrency, with a market capitalization amounting to $290 billion at the time of writing. Scheduled to take place on Wednesday, the Ethereum London is one of the biggest Ethereum upgrades designed to move its blockchain from proof-of-work (PoW) to proof-of-stake, meaning that the network would mostly rely on staking instead of mining. Launched in 2009, Bitcoin relies on the PoW consensus algorithm.

Morehead is not alone in thinking that Ether could outperform Bitcoin in the future. Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, predicted in late June that Ether could become the “biggest cryptocurrency one day.”