Yahoo Finance CoinJar to launch first crypto-to-pound debit card in the UK
CoinJar has partnered with Mastercard (MA) to deliver the UK’s first crypto-to-pound debit card, with almost 50 cryptocurrencies available.
The new card will allow users to make purchases by converting cryptocurrencies such as Bitcoin (BTC-USD) or Ethereum (ETH-USD) into cash.
Read more: Can you live in London for 24hrs using only bitcoin?
CoinJar, founded in 2013, operates in the UK and Australia and secured, is the first exchange registered with the Financial Conduct Authority (FCA) to launch such a card.
It is available as a digital and physical card with Google Pay integration, with no ongoing fees and a flat 1% conversion rate returned to users as an in-house rewards programme.
"CoinJar Card is the next step in our mission to make crypto both accessible and useful, to everyone, every day," Asher Tan, chief executive officer at CoinJar, said.
Cryptocurrency exchanges and platforms provide their registered users with personalised accounts or crypto wallets to safeguard their digital assets.
There are over 500,000 registered CoinJar users across the UK and Australia with more than $1.5bn traded in digital currencies, according to the company.
The crypto exchange launched a similar crypto-to-cash Mastercard in Australia last year.
Read more: Crypto crime: Criminals amass $11bn via illegal sources
The FCA has taken a hard line on crypto firms, issuing a warning to more than 100 unregistered firms in June last year.
The City watchdog has also raised concerns about a recent deal to give the cryptocurrency platform Binance access to the UK payments network just months after it ordered the company to stop all regulated activities in the UK.
The FCA said it had limited powers to object to the arrangement with Paysafe, a London-based payments provider, despite its concerns about Binance offering complex and high-risk investments to consumers.
Watch: What are the risks of investing in cryptocurrency?
