Today, Ebang International Holdings Inc., a global blockchain-tech firm, has announced that its Australian cryptocurrency exchange — Ebonex — will be partnering with Mastercard for new crypto-linked payment cards.

The new Mastercard partnership will enable Ebonex customers to spend their crypto holdings anywhere Mastercard is accepted as a Mastercard Principal Member. Ebonex currently allows customers to buy, sell and trade crypto assets.

According to the announcement, the new payment feature will automatically convert crypto into fiat currency for retail merchants. Cardholders will also benefit from various rewards incorporated into the Mastercard collaboration. 

“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,” shared Dong Hu, Chairman and Chief Executive Officer of Ebang.

Ebonex is also the first Australian crypto exchange to utilize Mastercard’s Principal Member status leveraging crypto-based Mastercards. Last month, Wirex became the first crypto-native platform to attain Mastercard Principal Membership.

Its partnership with Mastercard “will enable customers, merchants and businesses to move digital assets through the global Mastercard payment network,” Hu explained. The Australian crypto exchange has been eager to provide Australian citizens with a bridge between traditional finance and digital assets.

Furthering its role in DeFi, MasterCard also recently partnered with Binance to offer prepaid cards in Argentina, allowing residents to transact with Bitcoin (BTC), BNB, and other tokens.

In other Web3 news, Institutional players multiply as digital asset adoption increases.