OKX Launches Mastercard-Backed Payment Card in Europe
OKX, one of the largest crypto exchanges in the world, is introducing a new crypto payment card in Europe to bring digital assets into everyday life. The card offers customers the opportunity to pay directly in stablecoins at merchants that accept Mastercard. This makes it easier for customers to use digital assets for daily purchases like shopping, dining, or travel.
The OKX Card will be issued through the exchange’s Electronic Money Institution (EMI) partners Monavate. Initially starting with stablecoins like Circle’s USDC and Paxos’ Global Dollar, the card is expected to expand its connections gradually.
This launch comes amid the increasing use of cryptocurrencies in day-to-day life. Especially with the MiCA regulations, the legal framework for digital assets is becoming clear, sparking widespread adoption. This motivated OKX to launch the crypto card to make cryptocurrency usage more simple.
OKX Pushes Stablecoins Into Everyday Payments
In an official statement, OKX announced today the launch of its crypto card in the European region. This OKX Card allows crypto users to spend stablecoins at any merchants that accept Mastercard.
“With OKX Card, we’re making it simple for anyone in Europe to use crypto for real-world purchases,” stated OKX Europe CEO Erald Ghoos. The card will initially accept Circle’s USDC and Paxos’ Global Dollar, allowing customers to use stablecoins for their everyday shopping.
It is worth noting that the card is only available to users who have completed mandatory identity verification. Only verified users can use the OKX Card, which works with OKX Pay. Ghoos stated, “Fundamentally, most people have three financial needs: to pay and be paid, to accrue wealth and to access credit. OKX Card provides a practical tool to meet the first of those.” He added,
“While the ability to freely make payments is core to the founding vision of crypto, for the average user this can be technically challenging […] With OKX Card our users can realise this vision and transact freely and securely in real life […] while staying in total control of their assets.”
Explaining the Use of OKX Pay
Significantly, with OKX Pay, users are allowed to deposit euros, convert them into stablecoins, and use them for everyday expenses. They can use the crypto card to buy coffee, pay for parking, settle bills, or even split costs with companions. They can even explore DeFi and real-world asset applications wherever possible.
As noted by the crypto exchange, the card can be used anywhere Mastercard is accepted. They will be automatically converted to euros at checkout. Thus, it could be called a euro-denominated virtual debit card linked to OKX Pay, designed to be simple, transparent, and easy to use in daily life.
In addition, both OKX Card and OKX Pay can work together through the crypto exchange’s regulated European branch. However, the platform and its project are expected to meet the strict regulatory standards of the continent.
The move mandates OKX to be compliant with MiCA rules. The exchange is already known for its strict regulatory compliance. For instance, as CoinNewsSpan reported previously, OKX strengthened its AML rules to protect itself against rising crypto hacks and security breaches.
