OKX launches a non-custodial Mastercard-backed card in Europe

Today, OKX launched a cryptocurrency payment card that will be accepted across Europe. The Malta-based exchange positions its offering as a self-custody solution, allowing users to retain control over their assets until the moment of payment.

The OKX card works with 150 million merchants using Mastercard and is integrated with Apple Pay and Google Pay. According to the press release, users will be able to spend stablecoins held in their own wallets, with funds automatically converted into local currency at the point of sale.

“The OKX card is uniquely integrated with our Smart Wallet architecture,” said Erald Ghoos, CEO of OKX Europe. “It provides a direct link between self-custodied assets and the real economy, with no transaction fees and a user-friendly interface.”

The card operates under EU payment licenses and in compliance with MiCA regulations. OKX says its approach differs from competitors that require users to deposit funds into custodial wallets before making payments.

Although the OKX card is integrated with the OKX smart wallet, which is a self-custody solution, at present the cryptocurrency must pass through OKX’s infrastructure during payment to be converted into fiat currency and processed through the Mastercard network. In practice, this creates a brief custodial period during the transaction.

During the launch period, VIP users will receive up to 20% crypto cashback on eligible purchases, while other customers can receive up to 15% cashback. The duration of the promotion has not been specified.

See also: "Logins and Passwords of 420,000 Binance Customers Leaked Online"

#OKX #Mastercard

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