Mastercard, one of the world’s largest payments processors, says Wirex has become the first native crypto company to be able to directly issue payment cards to its customers.
As part of an expansion of its cryptocurrency program, Mastercard said Monday it had granted Wirex principal membership status.
Regulated by the U.K.'s Financial Conduct Authority (FCA), Wirex offers a payment facility that automatically exchanges crypto into fiat currencies.
Wirex's original card had been with rival Visa; the company will now be able to use Mastercard's network for fiat currency payments.
Mastercard processed more than $1.6 trillion in Q1 2020; an 8% increase year-on-year.
Raj Dhamodharan, Mastercard's executive vice president on digital assets and blockchain, said the company wanted to work within a maturing cryptocurrency industry.
Mastercard also said it had made its processes easier for other crypto companies to become principal members as well as access some of its acceleration programs.