Bit2Me and Mastercard launch debit card with crypto cashback

The merging of Web2 and Web3 tools continues as crypto-backed debit cards become more popular.

In an announcement on February 10, Bit2Me, the largest Spanish cryptocurrency exchange, introduced its new cashback debit card in partnership with Mastercard.

The original Bit2Me card works for its users through the Mastercard network, which has millions of companies around the world. This new update offers users up to 9% crypto cashback on all purchases made with the card online or in store.

Leif Ferreira, CEO and co-founder of Bit2Me, told Cryptooshala that the use of already established Web2 financial tools such as debit and credit cards is due to the hope of wider adoption of this “revolutionary” technology.

“[The] the goal is for anyone, anywhere in the world, to have easy access to the limitless world of Web3 financial services at the touch of a button.”

The card and wallet support eight cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL) and Polkadot (DOT), as well as the stablecoin Tether (USDT).

The company is reportedly planning to add additional currencies throughout the year. Bit2Me at present accessible users in 69 countries around the world. However, users from the European Economic Area (EEA) are only eligible to apply for the virtual version of the card.

Cryptocurrency status in Southern Europe: Malta leads the way

Bit2Me has been expanding services for some time now after its initial announcement in 2021 to provide services worldwide. Back in July, the exchange quickly jumped to help 100,000 blocked crypto investors move to their platform after they were disconnected from the defunct local Spanish trading platform 2gether.

Meanwhile, Mastercard is also actively offering new services and opportunities for users and customers in the Web3 space. Over the past year, the company has selected at least seven blockchain and crypto startups to participate in its fintech accelerator program.

The company has also partnered with Polygon to launch the Web3 musician accelerator program, focused on the intersection of the music industry and emerging technologies.

On January 31, Mastercard announced a new effort with Binance to launch its second prepaid cryptocurrency card in Latin America.

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