The Ebonex platform lets its customers buy, sell and trade crypto assets.
The collaboration will enable Ebonex customers to spend their crypto holdings wherever Mastercard is accepted by converting it into fiat currency in a hassle-free manner.
According to the company, Ebonex has become the first Australian cryptocurrency exchange to attain Mastercard’s principal member status for issuance of crypto-funded Mastercard payment cards.
Ebang International chairman and chief executive officer Dong Hu said: “It is an amazing opportunity for us to extend our market reach and gain recognition in the payment and financial area.
“We will look to build on this collaboration and work closely with Mastercard to enable a crypto card product in the region. We plan to issue both virtual and physical cards to our customers and for the cards to reward users in the form of digital assets, NFTs, cashback, frequent flyer points, lounge access and subscriptions to online media and music.”
Hu added, “Joining the Mastercard network will provide us with the opportunity through Ebonex to drive innovation in the crypto and payment space in Australia.
“We believe that the ability to collaborate directly with Mastercard, a global leader in payment technology, will foster the creation of solutions, which will enable customers, merchants and businesses to move digital assets through the global Mastercard payment network.”
In June last year, Mastercard became a member of the Boston-based non-profit research institute FCLTGlobal to enhance the impact of its efforts to support a sustainable economy.