Crypto.com Partners with Mastercard to Expand Crypto Card Access

Highlights:

• Crypto.com partners with Mastercard to let users spend crypto easily.  
• Crypto.com offers $2 million to ethical hackers to find system issues.
• The company buys Fintek to grow trading services in Australia.  

Crypto.com has obtained a principal license with Mastercard which allows it to directly issue cards on Mastercard’s network. The partnership enables Crypto.com to further cement its card presence on a global scale and to offer improved convenience to users. The company is set to launch its first Mastercard-powered card in Bahrain.

https://t.co/GuuXE3NYGZ, known for issuing debit cards with VISA globally, has now partnered with Mastercard to roll out debit cards in Bahrain and the GCC region. A new milestone in bringing crypto to everyday spending! 🌍💳 pic.twitter.com/dDsmEQjQZL

— Kaan (@KaanChimpster) December 4, 2024

The card will be offered across all five tiers of the Crypto.com card, including the exclusive Black Obsidian tier. Customers can earn rewards of up to 8% on spending, denominated in USD. Users can fund their cards with e-money wallets or third-party credit or debit cards using the Crypto.com app.

The partnership allows for secure transactions at over 150 million online and in-store locations around the world. Crypto.com wants to expand its reach to more customers, enabling them to use their digital assets in more ways.  

Bahrain Card Launch to Expand Global Reach

With the new card launch in Bahrain, Crypto.com is making a major step forward in the Middle East. The regulatory environment in Bahrain supports innovation and is an ideal market for their products. The card is powered by Mastercard and comes with rewards that appeal to a wide range of users. The card can be used by customers to make everyday purchases or even large transactions easily.

According to Karl Mohan, General Manager of APAC & MEA at Crypto.com, this launch is crucial to the company. Moreover, he highlighted the company’s commitment to providing secure and scalable payment solutions. Customers in Bahrain will gain access to a trusted and widely accepted payment product.

Mastercard has supported Crypto.com’s efforts to expand into new markets. Amnah Ajmal, Executive Vice President at Mastercard, said the collaboration strengthens their role in digital asset payments.  

Bug Bounty Program to Enhance Security

Crypto.com is also launching a $2 million bug bounty program, in partnership with HackerOne. The goal of this initiative is to fortify the security of the platform by uncovering vulnerabilities in its systems.  

https://t.co/CxHZqWhjnq has announced a record-breaking $2 million bug bounty program in collaboration with HackerOne. This is the largest bounty ever offered on the platform, aiming to address security vulnerabilities and protect over 100 million users.

The program rewards…

— Global Ledger (@GlobalLedger) December 4, 2024

The ethical hackers can get rewarded depending on the severity of the issues that they uncover. In particular, payouts for critical vulnerabilities can reach as high as $200,000. Individual hackers and cybersecurity teams across the globe can participate in the program.

Crypto.com CEO Kris Marszalek has reiterated the company’s commitment to user safety and trust. Marten Mickos, CEO of HackerOne, described the program as critical to establishing robust cybersecurity.  

Strategic Acquisitions Bolster Crypto.com

Recently, Crypto.com acquired Australian brokerage and trading firm Fintek Securities. Fintek is authorized and regulated by the Australian Securities and Investments Commission (ASIC) hence it holds an Australian Financial Services License. 

We've acquired Fintek Securities, a brokerage service and trading company that holds an Australian Services Licenses regulated by the Australian Securities and Investments Commission, which will enable us to offer derivatives, securities, and more. pic.twitter.com/tHQPW7yo5X

— Kris | Crypto.com (@kris) December 2, 2024

This acquisition will allow Crypto.com to provide Australian customers with access to managed investment schemes, derivatives, and securities. They will also provide foreign exchange and other financial products to customers. In addition, Crypto.com previously acquired US-based broker dealer Watchdog Capital. The company plans to roll out basic equities and equity options for US traders.