Nikolas Sargeant
Eurocoinpay, a Spanish cryptocurrency exchange, has completed a deal to offer one of the first crypto-based debit cards in Spain after inking a deal with payment giant Mastercard. The crypto firm has launched the crypto card, with Eurocoinpay customers able to access the product and use it in more than 90 million establishments in the European Union and worldwide.
Eurocoinpay Pioneers Crypto Payments In Spain
Eurocoinpay is registered with the Bank of Spain and is one of the most established cryptocurrency exchanges in the country. The partnership with Mastercard will make it one of the first companies in the country to offer its crypto-based debit card.
As a company that strives to promote the mainstream adoption of cryptocurrency forward, Eurocoinpay hopes the debit card will provide payment solutions for crypto holders and believes it will serve its customers by providing a way to use their crypto assets for day-to-day transactions.
Herminio Fernandez de Blas, the CEO of Eurocoinpay, believes in the benefits of popularizing crypto by providing customers access to spend their digital assets. His view on the partnership: “consolidates purchases with cryptocurrencies, something that is increasingly being implemented in a greater number of stores that accept these digital assets as a payment method.”
Making Crypto Accessible
The deal with Mastercard is one step to allowing crypto holders to access their funds for payments rather than purely as an investment. This is something that Fernandez de Blas believes is the next step for the industry, commenting to say, “This is one more step to making the use of cryptocurrencies more conventional. It is not about encouraging trading with these virtual currencies, but rather making them available to users so that they can make the decision to use the digital value they prefer as a means of payment.”
Customers within the European Union will be able to access the card and have the protection of Mastercard’s money laundering controls. Eurocoinpay’s goal of linking fiat currency to digital assets has been a part of the industry for years but is one of Europe's first to do so.
With significant financial institutions like Visa and Mastercard investing in crypto projects, deals like this will likely become more prevalent in the coming years. The crypto-friendly attitude of these companies, and many other traditional financial businesses, will help to provide more comprehensive crypto services to customers.
