Bitget Wallet Launches Crypto Card with Mastercard for Global Payments

Bitget Wallet has announced a strategic partnership with Mastercard and Immersve to launch a new crypto-linked card. This card will enable users to make payments directly from their digital wallets at over 150 million merchants worldwide that accept Mastercard. The collaboration aims to streamline crypto usage by allowing users to spend their crypto balances seamlessly.

The Bitget Wallet app will manage real-time funding through on-chain swaps and deposits, providing users with the convenience of applying for the card digitally and adding it to their mobile wallets. This feature will be available for both physical and online merchants, enhancing the overall user experience.

Scott Abrahams, executive vice president of Global Partnerships at Mastercard, emphasized the company's commitment to making crypto transactions simple, secure, and accessible. He highlighted Mastercard's dedication to working with innovative companies like Bitget Wallet and Immersve to achieve this goal.

Immersve will serve as the main card issuer, with transactions settled on-chain. The Mastercard Digital First technology will handle payments and notifications, ensuring a seamless and secure transaction process. The issuance of the card will involve Know Your Customer (KYC) procedures and money laundering monitoring to comply with regulatory standards.

The new crypto card will initially be rolled out in the UK and the European Union, with plans to expand to Latin America, Australia, and New Zealand within a few months. This phased rollout strategy aims to ensure a smooth transition and widespread adoption of the new payment solution.

The launch of the crypto card comes at a time when crypto payments are gaining traction, driven by the increasing supply of stablecoins and the integration of crypto into mainstream fintech solutions. Jamie Elkaleh, CMO at Bitget Wallet, stated that the partnership aims to make crypto payments as seamless and secure as traditional transactions, allowing users to pay with crypto anywhere Mastercard is accepted.

Bitget Wallet, which has over 80 million users globally, offers self-custody for all assets. The new card will enable users to apply their self-custodied assets for everyday commerce, providing optional incentives such as transaction-based rewards, yield for in-wallet balances, and a one-time KYC bonus.

The recent revival of decentralized finance (DeFi) and decentralized trading has boosted the use cases for Bitget Wallet. The multi-asset wallet supports over 130 blockchains, 20,000 distributed apps, and a million tokens. It also serves as a trading hub, offering swaps across hundreds of available decentralized exchanges (DEXs) with seamless bridging.

Bitget Wallet has seen a return of older Ethereum traders as DeFi revived, with significant volumes from BNB Smart Chain swaps. The wallet is positioned to tap into the recovery of DeFi and the waves of new tokens and projects. Additionally, Bitget is secured by a $300 million user protection fund to safeguard against hacks or exploits.

Currently, Bitget Wallet carries highly active swaps for TRON, with Ethereum, BNB Smart Chain, Arbitrum, and Solana also among the leading networks. The exchange sees over 30% of its swap traffic from BNB Smart Chain, driven by special campaigns and incentives.