Crypto-linked credit cards announced at the Singapore FinTech Festival

The new card converts instantly cryptocurrencies into traditional fiat currency

Consumers and businesses in the Asia-Pacific region will soon be able to apply for crypto-linked Mastercard credit, debit or pre-paid cards that will enable them to instantly convert their cryptocurrencies into traditional fiat currency.

The money can be spent everywhere Mastercard is accepted around the world, both online and offline.

The service is made possible through a partnership between the payments giant and three digital asset service providers which will launch the crypto-funded Mastercard payment cards, said Mastercard, without giving details as to when.

Hong Kong-based Amber Group, Thailand’s Bitkub, and CoinJar in Australia are the first Asia-Pacific-based cryptocurrency platforms to join Mastercard’s global crypto card programme, which aims to make it simpler and faster for crypto firms to bring such payment cards to market.