Blockchain payments provider BitPay has launched the first Mastercard prepaid card for blockchain community in the US.

Dubbed BitPay Card, the new card allows crypto users to instantly convert cryptocurrency into fiat currency.

The fiat currency can then be loaded onto the card and can be spent anywhere in the world where Mastercard debit card is accepted.

In addition, the prepaid card can be used for online purchases or to withdraw cash from ATMs.

Mastercard EVP for digital partnerships Sherri Haymond said: “At Mastercard, we’re committed to offering differentiated financial services to consumers on a global scale.

“We’re excited to be working with BitPay to offer consumers greater choice and flexibility when it comes to managing their finances.”

The new card features an EMV chip for contactless payments and added security.

Cardholders can use the BitPay mobile app to reload their card, view transaction history and manage card settings.

The BitPay Card provisions fiat currencies such as BTC, BCH, ETH, XRP and stable coins USDC, GUSD, PAX and BUSD.

The app tracks and manages card spend and also allows cardholders to buy crypto and gift cards from various brands.

BitPay co-founder and CEO Stephen Pair said: “The BitPay Card offers new benefits and features for consumers making it easier to convert Bitcoin and other cryptocurrencies into a spendable balance without currency risk.

“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.”