BitPay, a global blockchain payments provider, has introduced the first Mastercard prepaid card for crypto users in the United States. The card enables customers to convert cryptocurrency instantly into fiat currency, which is then loaded onto the card without conversion fees. The currency can be spent anywhere Mastercard debit is accepted, and customers may also use their cards to withdraw cash from ATMs or make online purchases, according to a company release

The card features an EMV chip for added security and is contactless-enabled for payments. The card does require users to download the BitPay mobile app to reload their card, view transaction history, manage card settings, track and manage card spend and purchase crypto and gift cards from popular brands. The card supports BTC, BCH, ETH, XRP and stable coins USDC, GUSD, PAX and BUSD. Funds are made available to cardholders in minutes, without having to wait on an exchange to transfer funds.

"The BitPay card offers new benefits and features for consumers making it easier to convert Bitcoin and another cryptocurrency into a spendable balance without currency risk," said Stephen Pair, co-founder and CEO of BitPay. "We are excited to work with Mastercard to expand crypto’s use, while making it easy for businesses to attract new customers who want to spend Bitcoin and offer more places for customers with Bitcoin to shop."