Crypto.com Partners with Mastercard to Launch Prepaid Card in Bahrain

Mastercard-powered Crypto.com card to offer up to 8% rewards and expand across the GCC region in 2025.

In a significant move for both the cryptocurrency and traditional finance industries, Mastercard announced on December 4 that it has issued a license to Hong Kong-based exchange Crypto.com to launch its prepaid payment card services in the Gulf Cooperation Council (GCC) region. The rollout is set to begin in Bahrain in January 2025.

The new Mastercard-powered Crypto.com card will allow cardholders to fund their accounts using the Crypto.com app, which supports e-money wallets and third-party credit and debit cards. The card will be available across all five Crypto.com card tiers, including the premium "Black Obsidian" offering, which provides up to 8% in rewards on spending, with payouts in US dollars.

This collaboration between Crypto.com and Mastercard is seen as a major step forward in the integration of cryptocurrency and traditional financial systems. The card will be issued under Mastercard’s global network, enabling users to make transactions wherever Mastercard is accepted, further streamlining cryptocurrency adoption for everyday use.

The news has sparked excitement within the crypto community, with many praising the move as a breakthrough for the industry. However, some confusion arose regarding the impact of this new partnership on Crypto.com's existing Visa-backed offerings. A post from an account on X (formerly Twitter) associated with Crypto.com clarified that in the GCC region, where Visa-backed Crypto.com cards are not yet available, the Mastercard-backed cards would fill this gap. It was implied that Visa partnerships in other regions would remain unaffected by this new deal.

Expansion Across the GCC

The partnership is not limited to Bahrain. Mastercard stated that the Crypto.com card will be made available across other GCC nations in the near future, including Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. This expansion is significant, as the GCC region has long been recognized for its progressive stance toward cryptocurrency, blockchain, and Web3 technologies.

Amnah Ajmal, Executive Vice President of Market Development at Mastercard, expressed her enthusiasm for the partnership, noting, "Crypto.com will now have access to our global network, enabling transactions wherever Mastercard is accepted, alongside our innovative payment solutions, advanced technology, and comprehensive fraud protection tools."

With this partnership, Crypto.com joins a growing number of companies that are bridging the gap between cryptocurrency and mainstream financial systems. The Mastercard-powered card will provide increased convenience for users, allowing them to spend their crypto assets seamlessly in everyday transactions, while also benefiting from Mastercard’s security and fraud protection infrastructure.

As cryptocurrency continues to evolve in the global financial landscape, this collaboration highlights a pivotal moment in the integration of digital currencies into traditional payment systems, further validating the role of crypto in modern commerce.