MasterCard Partners With CoinBene To Launch The First Card “Integrating 100% Cryptocurrencies”


The cryptocurrency market has widely been used for speculation purposes citing as difficulties surrounding the transaction function of crypto increasing. “I can’t use it in everyday activities” is a common thing to hear from critics of the field. However, merchants across the world have started accepting cryptocurrency as a form of payment for their goods and services as more solutions are bred.

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CoinBene Card set to launch commemorating the 70th anniversary of the founding of the People's Republic of China

A Singapore based cryptocurrency firm, CoinBene announced on Tuesday a partnership with MasterCard to launch a card ‘integrating 100% of cryptocurrencies’. The card is set to be released this autumn coinciding with the 70th anniversary of the founding of the People’s Republic of China.

The CoinBene card offers users a digital account that can be used to pay at any accepted merchant using a variety of cryptocurrencies. Furthermore you can pay your bills, send money peer to peer, cashback discounts on selected goods and services and integration with WeChat.

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Feng Bo (right) signs the partnership to launch the CoinBene card in September

Deposits and cash withdrawal features are also available once you connect the card to your bank. CoinBene Brazil further integrates the “Friendly Withdraw” feature –available in over 15,000 outlets across Brazil – enabling users to withdraw cash by the use of a barcode. The announcement states,

“Just take your digital account app into the store, enter the amount you want to withdraw, read a barcode and you’re done! The checkout counter will make available the amount chosen.”

MasterCard is the official distributor of the ‘100% integrated crypto cards’ from CoinBene. The payment solution provider will provide incentives for the use of the card rewarding every single use (regardless of the amount) with 1 point. You can start redeeming your points after 5 purchases to partnering restaurants and travel packages.

The card also provides the cashback feature available across 20,000 stores and merchant shops every time you use the card. Using the CoinBene card, users can redeem discounts which are immediately credited in the card.

“The credit — which varies from 1% to 10% of cashback — can be used anywhere in the world for other expenses or withdrawn from the ATMs of the banks that are affiliated. Simple like that!”

WeChat integration provides the largest market for CoinBene card boasting close to 1 billion users. The app allows you to solve almost every problem of daily life in a few clicks, especially in China, where you can buy all kinds of products, call a taxi, see friends’ posts, check fan pages and do so much more.

Speaking on the significance of launching the CoinBene card in Brazil, the CEO of CoinBene Brazil, Feng Bo said,

“Cardholders will enjoy MasterCard’s global service network for easy swiping and cash withdrawals. At the same time, CoinBene’s reliable and efficient digital currency exchange gateways enable the instant conversion of digital currency assets and Brazilian currency Reais.”

CoinBene has been subject to a couple of negative speculations in the past few months including speculation of a $100 million hack which turned out to be false. However, back in May, the German financial regulator, BaFin released a public warning notice on the crypto company.

(All images sourced from Medium)

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