Mastercard has granted a license to Crypto.com, allowing the Hong Kong-based exchange to launch prepaid payment card services in the Gulf Cooperation Council (GCC) region, starting with Bahrain in January 2025. Users can fund their accounts via the Crypto.com app using e-money wallets or third-party cards. The cards will be available across all Crypto.com tiers, offering rewards up to 8% in US dollars. While some confusion arose about its impact on existing Visa-backed cards, the new Mastercard-backed offerings will cater to the GCC, where Visa cards aren't currently available.