Bitso And Mastercard Team Up To Launch Debit Card For Mexican Crypto Users

Bitso, a famous crypto exchange in Latin America, introduced a debit card in Mexico through a collaboration with Mastercard. The firms announced the launching of the card on Thursday, March 2nd, 2023.

Over 100,000 users who requested a card, were provided with a rollout by the exchange. Moreover, Mexico allowed customers to give feedback after the card was enabled the last November. Finally, the debit card is now ready for its official launch in the country.

Mastercard had already partnered with Bitso and expanded its portfolio with crypto companies in Latin America. In addition, this portfolio includes Binance, Belo, and Buenbit.

Although the company aims to reduce its involvement in the crypto space, it continues to collaborate with partners. The company has expressed its desire to collaborate with partners and launch relevant payment solutions and programs. 

Related Reading | Binance & Mastercard Partner To Launch Crypto Prepaid Card In Brazil

Apart from its initial launch in Mexico, the exchange also offers its services in Argentina, Brazil, and Colombia. The company currently caters to a vast user base of over 6 million and has 1,500 institutional clients across these countries.

Bitso had already moved a step in September 2022 and empowered its users in Argentina to make QR code payments.  Moreover, the users can utilize a variety of currencies including Argentine pesos, digital dollars, bitcoin, ether, and DAI. 

Other Few Recent Crypto Projects of Mastercard

Mastercard and other institutions are partnering with Australia’s central bank to test the use cases of a CBDC. The country’s current pilot program of central bank digital currency will conclude by the end of this year.

Through the Mastercard-Immersve partnership, real-time cryptocurrency transactions can be settled on online outlets that accept Mastercard payments, using decentralized protocols. The business partnership came into force in February 2023.

Bit2Me, the largest cryptocurrency exchange in Spain, announced its collaboration with Mastercard on February 10, 2023. Both decided to introduce a new debit card that offers cashback rewards as well.

Bitso Developments

The crypto exchange has made the following few recent developments. The exchange had already facilitated $1 billion in crypto remittances between Mexico and the US as of now in 2022. The company has set a goal of acquiring 10% of the worldwide money transfer market for Latin America’s country by 2023, which was 4% earlier this year.

The cryptocurrency exchange in Latin America announced its sponsorship of the São Paulo Football Club in January 2022. In addition, the three-year partnership will allow the team’s supporters to buy tickets and merchandise through cryptocurrencies.

It teamed with Felix Pago in December 2022 to provide remittance services through WhatsApp between Mexico and the United States.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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