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Update (Dec. 5, 7:50 am UTC): This article has been updated to clarify that Crypto.com is based in Singapore, not in Hong Kong and that the payment card services are now live.
Mastercard announced on Dec. 4 that it had issued a license to Singapore-based cryptocurrency exchange Crypto.com to begin offering its pre-paid payment card services on the Mastercard network in the Gulf Cooperation Council (GCC) region.
According to a blog post from Mastercard, once issued, cardholders will be able to fund their accounts via the Crypto.com app using e-money wallets or third-party-issued credit and debit cards. 
The card is <a data-ct-non-breakable="null" href="https://newsroom.mastercard.com/news/eemea/en/newsroom/press-releases/en/2024/december/crypto-com-and-mastercard-collaborate-to-scale-the-digital-payments-industry-in-gcc-region/" rel="null" target="null" text="null" title="null">offered</a> across all five Crypto.com card tiers, including its top-level “Black Obsidian” offering, with rewards of up to 8% and card payouts in US dollars.
The crypto community was quick to respond on social media with many lauding the move. However, some confusion appeared to ensue concerning whether the new partnership with Mastercard would impact Crypto.com’s current Visa-backed offerings.&nbsp;
An account on X.com purportedly associated with the Crypto.com community advised that, in the GCC, where Visa-backed Crypto.com cards aren’t currently available, the Mastercard-back offerings would fill that void — the implication being that other markets currently served by Visa would remain unaffected.&nbsp;
<figure>
 <img alt="Cryptocurrencies, Payments, Mastercard, Cryptocurrency Exchange, Web3, Crypto.com" src="https://s3.cointelegraph.com/uploads/2024-12/019392c9-8223-7e6b-85ce-cebc9735ec9e" title="">
 <figcaption style="text-align: center;">
 Users in the GCC will reportedly receive Mastercard-backed cards instead of Crypto.com’s Visa-backed offerings. Source: <a data-ct-non-breakable="null" href="https://x.com/ngngdhd0l/status/1864298842029498379" rel="null" target="null" text="null" title="https://x.com/ngngdhd0l/status/1864298842029498379">ngngdhd0l</a>
 </figcaption>
</figure>
<h2 id="crypto-com-expands-into-the-gcc">Crypto.com expands into the GCC</h2>
Mastercard also said that the partnership would expand beyond Bahrain in the future and into other territories in the GCC, which includes Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.&nbsp;
The region has generally been considered progressive when it comes to cryptocurrency, blockchain and Web3 technologies.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-com-sponsors-golf-tournament-cro-token-prize" rel="null" target="null" text="null" title="null">Crypto.com sponsors golf tournament with prize of $10M in CRO token</a>
Amnah Ajmal, an executive vice president of market development at Mastercard, said:
<blockquote>
 “Crypto.com will now have access to our global network, enabling transactions wherever Mastercard is accepted, our innovative payment solutions powered by cutting-edge technology, and our comprehensive tools for enhancing transaction security and fraud protection.”
</blockquote>
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ethereum-is-poised-to-catch-up-with-bitcoin-and-solana-in-2025/" rel="null" target="null" text="null" title="null">Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?</a>

Crypto.com to launch Mastercard-powered card in Bahrain

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