MaskEX, a Dubai-headquartered third-generation cryptocurrency exchange, has announced the launch of its crypto-backed Virtual Card, enabling users to spend their digital assets as fiat currency across more than 176 countries and 50 million merchants worldwide. The feature is now available to all ID-verified MaskEX users.
Virtual Card: Bridging Crypto and Everyday Payments
The MaskEX Virtual Card automatically converts cryptocurrency holdings into local fiat at the point of sale, covering both online and offline transactions. CEO Eric Yang stated: “Our vision is to make crypto more accessible and integrate it with people’s everyday lives.” The card leverages existing card networks (Visa/Mastercard network, specific partner undisclosed) and allows users to spend directly from their exchange wallet without pre-loading a separate card account.
Key Executive Appointment: Ben Caselin Joins as Vice President
MaskEX also announced the appointment of Ben Caselin as Vice President. Caselin previously served as Head of Research and Strategy at Hong Kong-based crypto exchange AAX for nearly four years, where he played a crucial role in driving mainstream adoption of Bitcoin and digital assets, particularly in emerging markets. At MaskEX, he will oversee all global and localized marketing, communications, and business development initiatives.
Eric Yang commented: “We are delighted to welcome Ben. He witnessed firsthand the challenges at AAX following the FTX collapse, and he always puts users before business. We specifically asked him to be uncompromising and closely scrutinize our operations.” Caselin added: “The industry is still suffering from contagion and a severe lack of investor confidence. We cannot afford to give up now. At this stage, properly managed centralized exchanges can still play an important role in raising awareness, engaging with regulators, cooperating with banks and payment providers, and driving mainstream uptake of Bitcoin and digital assets everywhere.”
Proof-of-Reserves and Sovereign Wealth Backing
MaskEX positions itself as a third-generation exchange, claiming to be one of only 18 centralized exchanges globally that provide Proof-of-Reserves. Additionally, Abu Dhabi’s sovereign wealth fund, under Sheikh Hamad Rakadh Salem Hamad Alameri, is a major stakeholder. CEO Yang stated: “With this backing, we are well-positioned to compete with the world’s largest trading platforms.”
Founded in 2021, MaskEX now serves over one million users worldwide, offering savings products, more than 300 spot trading pairs, deeply liquid futures markets, and comprehensive on- and off-ramp solutions. The launch of the Virtual Card and the appointment of Ben Caselin mark significant steps in the exchange’s global expansion strategy, aiming to make cryptocurrency spending as convenient as traditional finance.