- UAE-based cryptocurrency trading platform BitOasis, has partnered with Mastercard to launch crypto card programmes.
- The new partnership will allow BitOasis customers to convert their cryptocurrency holdings to fiat currency and is expected to launch in early 2023 with regulatory approvals.
- Founded in 2015 by Daniel Robenek and Ola Doudin, BitOasis is an online crypto asset trading platform that serves retail and professional traders and investors in the Mena region.
- Last year, BitOasis raised $30 million in a Series B round co-led by Wamda and US-based VC Jump Capital.
BitOasis, the leading cryptocurrency platform for the Middle East & North Africa (MENA) and Mastercard, have partnered to launch a series of crypto card programmes in the region that will facilitate day-to-day usage of cryptocurrencies at points of sale and across e-commerce platforms.
BitOasis customers will be able to convert their cryptocurrency holdings to fiat currency, allowing the consumer to easily shop and pay at more than 90 million merchant locations globally. The first BitOasis cards are expected to launch in early 2023 in markets with regulatory approvals.
BitOasis customers, who can also access a range of Mastercard benefits, will be issued virtual and physical BitOasis cards through a simple and compliant digital onboarding experience via the BitOasis app, allowing them to transact seamlessly physically and online.
Currently, cryptocurrency payments and cash-outs are considered cumbersome with the overwhelming majority of merchants not accepting such payments directly. BitOasis customer transactions will be enabled to take place in Fiat currency, thereby adding consumer protection - such as provisions for dispute resolution and refunds - which doesn’t exist today when paying with a digital asset. The partnership will address these pain points and further drive customer awareness and crypto adoption in the region.
Amnah Ajmal, Executive Vice President of Market Development, EEMEA, Mastercard, said: “Changes in consumer demand, as they look for new, fast and flexible digital experiences, are fueling an increase in the adoption of emerging payment technologies. With this comes a greater expectation for businesses to provide multiple ways to shop and pay. Through our collaboration with BitOasis, one of the most innovative crypto platforms in MENA, we enable the consumer experience to be seamless by using their cryptocurrencies in a safe and secure environment.”
Ola Doudin, CEO and co-founder, BitOasis, said: “We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives. Research tells us that 47% of the Middle East population now believes crypto is the future of money. As the largest crypto platform built for the GCC and MENA region, we are delighted to partner with Mastercard to enable BitOasis customers to benefit from the convenience of linking their BitOasis wallets to their BitOasis Mastercard Crypto Cards for use across Mastercard’s global merchant network. Our mission at BitOasis is to enable a new digital financial system that is transparent, inclusive, regulated, and relevant on a daily basis, whilst providing even greater safety and security for cryptocurrency payments. Today’s partnership helps us deliver against our mission”.
The 2022 Mastercard New Payments Index reported that 29% of respondents globally hold cryptocurrency as an investment, with another 65% indicating a preference for crypto-related services to be provided by their current trusted financial institution. Merchants around the globe are also increasingly open to accepting payments in cryptocurrencies, with 46% of those surveyed by PYMNTS.com indicating that they have already integrated virtual assets into their payment method acceptance mix in some form, with 77% citing lower transaction processing fees as the primary reason behind adoption.