Mastercard announced a license issuance to Crypto.com for launching pre-paid cards in the GCC region, starting from Bahrain in 2025.
Partnership with Mastercard
On December 4, Mastercard announced it had issued a license to Hong Kong-based cryptocurrency exchange Crypto.com to offer pre-paid card services in the Gulf Cooperation Council (GCC) region, starting with Bahrain in January 2025. The card will be available across all five tiers of Crypto.com offerings, including the 'Black Obsidian' with rewards up to 8% and payouts in US dollars.
Crypto Community's Response
The crypto community quickly responded to the news with many welcoming the expansion, though there was some confusion about how the new Mastercard partnership would affect Crypto.com's existing Visa-backed services. An account on X.com noted that in the GCC, where Visa-backed offerings are unavailable, Mastercard-backed cards would fill that gap.
Future Plans
Mastercard noted that the partnership will expand into other GCC territories, including Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. These countries are known for their progressive approaches to cryptocurrency and blockchain technologies.
The partnership between Crypto.com and Mastercard opens up new opportunities for users in the GCC region, providing access to innovative payment solutions.
