Key Takeaways
- Speaking to CCN at TOKEN2049, Bitget’s CMO, Jamie Elkaleh, said that the power dynamics of partnerships with payments giants were shifting.
- Bitget is rolling out its wallet product in Asia first, but Elkaleh stressed it was not siloed.
- Elkaleh said stablecoins will evolve from trading tools to mainstream money.
Bitget’s Chief Marketing Officer, Jamie Elkaleh, told CCN that global payments giant Mastercard “needs us just as much as we need them.”
Elkaleh said that partnerships with incumbents, such as Mastercard, are crucial to bringing crypto into everyday use, but insisted that the relationship was not one-sided.
Bitget’s Asian Testbed
Founded in 2018, Bitget has grown into one of the world’s largest cryptocurrency exchanges, with over 120 million users.
Its wallet product, offering payments, trading, and debit card services, is being rolled out in Asia as a testbed before expanding globally.
“The attitudes of people and the open-mindedness in terms of the technology are incredible … they want to trade on the smoothest user experience platform. They want to be able to pay directly from their digital assets,” Elkaleh told CCN.
He added that Bitget’s payment solution “offers a faster solution than even Apple Pay” and that crypto remittances in the region are not only cross-border but city-to-city, helping the large unbanked population.
“There are 8 billion people in the world with a smartphone. 1.6 billion of those don’t have access to banking … giving them the services that we provide as a wallet … we now give them access to services they’ve never had before,” he added.
Working With Giants
Asked if Bitget sought to compete with financial giants or replace them, Elkaleh told us that collaboration was essential.
“To be the best, you need to work with the best … Visa, MasterCard, PayPal, all of these top merchants,” he wrote.
Adding: “They are traditional giants within the finance market that have done great things and continue to do great things.”
However, he insisted the relationship was not one-sided.
“In the case of MasterCard, they need us just as much as we need them,” he said. “They know that we really do give new people access to banking services, which, frankly, they can’t do.”
Elkaleh pointed to strict regulatory requirements faced by these giants, which exclude large swathes of potential users.
“They have more in-depth KYC procedures. People in countries like Egypt can’t get bank accounts,” he said.
Bitget Mastercard Benefits Both Parties
In July, Bitget partnered with Mastercard to issue a co-branded debit card linked directly to users’ Bitget Wallet balances.
The card allows holders to spend digital assets on everyday purchases at any merchant that accepts Mastercard.
Elkaleh explained that his grandmother was unable to open a bank account in Egypt, but is now able to obtain a Bitget Wallet MasterCard.
Having access to that card now allows his grandmother to “get medical supplies, get groceries, order things from Amazon for the first time,” he explained.
For Bitget, these partnerships create mutual benefits for both firms.
Mastercard gains access to previously excluded customers, while Bitget users gain the ability to spend their digital assets in the mainstream economy.
Elkaleh added that Bitget’s long-term ambition remained to expand access rather than replace traditional rails outright.
“Of course, we’re not here to take part. We’re here to take over – but we need to make sure that we work with the biggest players within the game,” he said.
More Than Asia
Elkaleh strongly rejected the idea that stablecoin payments will remain confined to Asia or emerging markets, insisting the trend is global.
“You’re asking me if this is more Asia-based. This is international. This is an around-the-world movement that can’t be stopped,” he said.
He argued that stablecoins and blockchain will underpin payments infrastructure everywhere, from everyday shopping to government services.
“Stablecoins are the future. Digital assets are the future, and I think the use of the blockchain in its most efficient form is the future,” he said.
Elkaleh pointed to his own futuristic experience in Dubai to underline his point.
“That’s a true story – I bought my car in Dubai with crypto,” he told CCN.
Top Trending Crypto Articles
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
