The biggest Spain-based crypto exchange, Bit2Me, announced on the 10th of February 2023 the launch of a cashback debit card made in collaboration with Mastercard.
This represents another instance of a Web2 and Web3 merger, as these events showcase the increasing popularity of crypto debit cards. The new Bit2Me product allows its users to leverage the network of Mastercard which has myriad global businesses. Bit2Me upgraded its card to provide users with a maximum of 9 per cent cashback for their purchases made with the card, either online or in stores.
According to the co-founder and CEO of the Spanish crypto exchange, by incorporating crypto in well-known Web2 financial products such as credit and debit cards, the Web3 industry hopes to observe greater adoption of the new technology.
The wallet and card accommodate 8 different crypto: Bitcoin, Cardano, Ethereum, Polkadot, Ripple, Solana and the Tether stablecoin. The cryptocurrency exchange wishes to incorporate more virtual currencies in 2023. Currently, Bit2Me welcomes users from 69 countries. Despite that, European users from the EEA (European Economic Area) can only receive virtual Bit2Me cards.
After initially announcing plans to offer global services in 2021, Bit2Me focused on global expansion. In July 2022, the company chose to onboard 100l crypto investors who were previously blocked by bankrupt Spanish crypto trading platform, 2gether.
