Eurocoinpay, a Spanish cryptocurrency exchange, has closed a deal to offer one of the first cryptocurrency-based debit cards in Spain. The card, which is already available for customers of Eurocoinpay, will allow users to acquire products in more than 90 million establishments in the European Union and around the world.
Eurocoinpay Aims to Introduce Crypto Payments in Spain
Eurocoinpay, a cryptocurrency exchange based in Spain, and registered with the Bank of Spain, has partnered
Herminio Fernandez de Blas, CEO of Eurocoinpay, believes this kind of intermediate product is necessary in order to popularize crypto. He stated this move “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.”
According to Mastercard CEO Michael Miebach, this card will help Eurocoinpay users to make purchases at more than 90 million stores worldwide.
Using Crypto as a Payment Method
Eurocoinpay considers the move a step in the direction of making cryptocurrencies useful to customers for various purposes. Fernandez de Blas explained:
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 wanting to make use of this card have to meet Eurocoinpay’s requirements and also pass Mastercard’s money laundering controls. The card will be available to all customers of the exchange in the European Union.
Eurocoinpay is the latest in a long line of exchanges that have expanded their portfolio of services to offer products that link fiat and cryptocurrency. The reason behind this is that credit giants like Visa and Mastercard are now more crypto-friendly than before, allowing financial institutions to offer more comprehensive crypto services.
However, even when supporting crypto payments, some companies are not yet completely sold on the idea of crypto as a payment option. In August, Mastercard’s CFO Sachin Mehra stated that the company viewed crypto more as an asset class due to its volatility.