OKX has introduced a new crypto card specifically designed for users within the European Economic Area (EEA), facilitating direct payments using stablecoins wherever Mastercard is accepted globally. This recent development aims to enhance cryptocurrency accessibility for everyday transactions.
According to a recent press release, the OKX Card stands out with its appealing features, which include zero transaction fees and no foreign exchange (FX) fees. Users can also enjoy instant crypto rewards of up to 20% on qualifying purchases for a limited period. However, a 0.4% market spread applies when converting stablecoins to euros during transactions.
The design of the OKX Card permits on-chain self-custody and immediate transaction execution, allowing stablecoins to stay in the user’s wallet until the actual point of purchase, at which they are converted at checkout. This functionality simplifies the process for Europeans looking to utilize cryptocurrency for routine payments, eliminating the need for manual conversions, balance preloading, or dealing with hidden fees.
Erald Ghoos, CEO of OKX Europe, emphasized the significance of this initiative, stating it makes stablecoins practical and accessible for everyday financial activities, backed by a trusted digital asset platform.
Christian Rau, Senior Vice President of Global Digital Commercialization at Mastercard, highlighted that the introduction of stablecoins offers users more options. He expressed excitement about the partnership with OKX, noting that it represents a step towards incorporating stablecoins into mainstream finance with reliability and utility. The collaboration with OKX was first announced in April, marking a broader effort to engage users with digital assets.
Mastercard’s strategies have included multiple partnerships aimed at promoting stablecoin usage in various capacities, such as facilitating wallet enablement, card issuances, merchant settlements, and enhancing payment efficiency across the board.
Jorn Lambert, Chief Product Officer at Mastercard, conveyed optimism regarding the potential of stablecoins to streamline the payment process and improve commerce efficiency along the entire value chain.
In addition to launching the OKX Card, OKX also announced in July an integration that allows users to make crypto payments and deposits throughout the EEA via PayPal. Furthermore, in the same month, the company collaborated with Circle Internet Group to enable more straightforward conversions between U.S. dollars and USDC stablecoins, fostering a more seamless user experience.
