MaskEX, a third-generation centralized cryptocurrency exchange headquartered in Dubai, has officially launched its crypto-backed Virtual Card, allowing users to spend digital assets as fiat currency at over 50 million merchants across 176 countries. The service is now available to all ID-verified MaskEX users, marking a significant step in bridging the gap between crypto holdings and everyday spending.
Virtual Card: Seamless Crypto Payments Globally
“We are excited to offer our users the ability to spend their crypto wherever and whenever they want with the launch of the MaskEX Virtual Card,” said Eric Yang, CEO of MaskEX. “Our vision is to make crypto more accessible and find ways to integrate crypto more with people’s everyday lives.” The card supports top cryptocurrencies and enables real-time conversion at the point of sale, eliminating the need to pre-sell assets. The move aligns with MaskEX’s broader strategy to build a comprehensive payment ecosystem and increase user engagement.
New VP Ben Caselin: A Trusted Leader from AAX
MaskEX also announced the appointment of Ben Caselin as Vice President. Caselin, formerly Head of Research and Strategy at Hong Kong-based AAX—an exchange that faced severe operational disruption following the FTX collapse—brings nearly four years of experience 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.
CEO Eric Yang commented on the hiring: “We are delighted to be joined by Ben Caselin, not only because we believe he can play a vital role in our global expansion efforts, but also because of the terrible situation he has witnessed up close at AAX following FTX’s collapse. As we have observed, he puts users before business. In reaching out to Ben, we have specifically asked him to be uncompromising and closely scrutinize our operations.”
Ben Caselin added: “While the industry is still suffering from contagion and a severe lack of investor confidence, we cannot afford to give up now. At this stage in the development of this nascent industry, properly managed centralized exchanges can still play an important role in raising awareness around digital assets, providing a point of contact for regulators, cooperating with existing banking sector and payment providers to accelerate integration, and driving the mainstream uptake of bitcoin and digital assets everywhere.”
Proof-of-Reserves and Institutional Backing
MaskEX positions itself as a third-generation exchange with a strong emphasis on transparency and security. It is one of only 18 centralized exchanges globally that provide Proof-of-Reserves—a feature designed to assure users that their funds are fully backed. The exchange also counts Abu Dhabi’s Sovereign Wealth Fund, represented by Sheikh Hamad Rakadh Salem Hamad Alameri, as a major stakeholder. “With that backing, we are in a very good place to compete with the world’s biggest trading platforms,” noted Yang.
Founded in 2021, MaskEX now serves over 1 million users worldwide, offering a comprehensive product suite that includes savings packages, over 300 spot trading pairs, deeply liquid futures markets, and a variety of on- and off-ramp solutions. The exchange aims to democratize access to digital assets and contribute to building a more inclusive financial ecosystem for smart cities and their citizens.