BTC Markets is an online cryptocurrency exchange with more than 325.000 Australian clients and AU $ 19 billion in digital assets traded.
Focused on the Australian market, users can deposit and withdraw Australian dollars without commissions. Twenty-five tradable pairs are on offer, with the platform supporting retail and institutional investors. In addition to traditional cryptocurrency trading, users can also trade supported cryptocurrencies for multiple time periods.
Coin lists include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Decentraland (MANA), The Sandbox (SAND), and Algorand (ALGO), among others unlisted.
BTC Markets and Mastercard together to support card payments
This week, BTC Markets and Mastercard formed a partnership, allowing users to make payments on the exchange.
The partnership will allow customers to make payments by direct debit, prepaid or credit card on the cryptocurrency exchange. Previously, BTC Markets users could only make payments by bank transfer.
BTC Markets CEO Caroline Bowler said:
“As the cryptocurrency landscape continues to grow and evolve, customers are increasingly looking for faster and easier ways to access cryptocurrencies safely and efficiently. We are thrilled to partner with Mastercard who shares our focus on stability and innovation and customer protection, and allows us to offer our customers new ways to engage with this emerging class of digital assets. "
Mastercard sees increased collaboration with Crypto platforms
In 2021, Mastercard launched crypto-linked credit cards across the Asia-Pacific region. Mastercard has formed partnerships with Amber Group and Bitkub of Thailand; and CoinJar of Australia.
The partnership with Mastercard allows users to instantly convert crypto to fiat to spend wherever Mastercard is accepted around the world.
According to Mastercard's announcement, the three exchanges were the first Asia-Pacific-based platforms to join Mastercard's Crypto Card Program.
In January, Mastercard entered into a payment agreement with Coinbase to allow users to shop on Coinbase's NFT market.
Coinbase will soon launch its NFT market. This month, Coinbase took to Twitter, announcing the imminent launch of the highly anticipated CoinbaseNFT.
Regulatory oversight may limit the scope of Mastercard
Some jurisdictions are more crypto-friendly than others, which may limit Mastercard's reach and others in the crypto world.
Last week, FX Empire reported that the UK's Advertising Standards Authority (ASA) issued an "enforcement notice in view of an imminent crackdown on misleading and irresponsible crypto advertising".
As part of the application notice, the ASA indicated that the announcements must not involve:
- Cryptocurrencies are suitable for buying on credit.
- Cryptocurrencies are a good or safe way to invest your savings or retirement.
In Australia, a regulatory review of the cryptocurrency industry is imminent. Regulators could include similar measures to protect investors.