Ready to ditch the plastic? MetaMask’s crypto card is your new BFF.
In the latest crypto news, MetaMask, the popular Ethereum wallet, has teamed up with payments giant Mastercard and crypto payments specialist Baanx to launch a new blockchain-based debit card.
Initially, the MetaMask Card will be available to a select group of users in the European Union and the UK through a “limited pilot” of a few thousand digital-only cards.
Moreover, the company has plans to expand distribution later this year, aiming for a full rollout in these regions, with additional pilots set to launch in other areas over the coming quarters.
The launch of the MetaMask debit card signifies a broader trend of convergence between traditional finance and the crypto ecosystem. With the tokenization of assets and the rise of crypto investment products, payment giants are recognizing the potential of blockchain technology and seeking to integrate it into their services.
Mastercard’s collaboration with Baanx on this web3 payments initiative builds on their existing partnerships with crypto platforms like hardware wallet firm Ledger and decentralized exchange 1inch. Meanwhile, competitor Visa (V) has partnered with Circle’s USDC stablecoin and the Solana (SOL) network to enhance cross-border payments.
MetaMask’s new debit card allows users to make purchases directly with their digital assets stored in the self-custodial wallet, meaning they retain control of their funds until the moment of payment.
Raj Dhamodharan, executive vice president of blockchain and digital assets at Mastercard, noted:
We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable.”
Initially, the card will support spending of USDC, USDT, and wETH cryptocurrencies held on the Linea blockchain, an Ethereum layer-2 network developed by Consensys, the company behind MetaMask.
This initiative aims to make it easier and more secure for self-custody wallet users to access a basic range of financial services, potentially offering significant benefits in regions with large unbanked or underbanked populations.
