MetaMask launches crypto-backed debit card with Mastercard
2 min readMetaMask launches a revolutionary debit card backed by Mastercard that enables seamless crypto transactions for everyday purchases.
Cryptocurrency wallet provider MetaMask has partnered with Mastercard and Baanx to launch the Metamask Card crypto solution: a debit card that allows users to spend cryptocurrencies on everyday purchases. The pilot program was announced today.
Seamless crypto spending: bridging the Web2-Web3 gap
The trio’s announcement has caused excitement as the card allows users to seamlessly spend their cryptocurrency on everyday purchases.
Introducing MetaMask Card: The world’s first Mastercard debit card that enables instant spending directly from your self-custody wallet. We’ve teamed up with @Mastercard and @BaanxGroup to bridge the gap between crypto and daily life.
With MetaMask Card, every day can be crypto…
— MetaMask 🦊🫰 (@MetaMask) August 14, 2024
According to the press release , Consensys, the developer behind MetaMask, points out that the card eliminates the complex process of transferring cryptocurrencies into fiat currency, a hurdle that has long hampered the widespread adoption of digital assets.
The Metamask card’s crypto option allows users to spend their crypto holdings directly in their self-managed MetaMask wallet wherever Mastercard is accepted.
Raj Dhamodharan, Executive Vice President of Blockchain and Digital Assets at Mastercard, highlighted this commitment, stating: “We saw an opportunity to make life easier for self-custodial wallet users. By partnering with MetaMask and Baanx, we are bringing cryptocurrencies closer to everyday spending.” This simplified approach aims to remove a major barrier to cryptocurrency adoption.
To use the card, users set spending limits on their MetaMask wallet. Cryptocurrencies are instantly converted to fiat at the point of sale, ensuring control over funds until the transaction; users must also hold their cryptocurrencies on the Linea Network.
The collaboration benefits from the combined expertise of Mastercard’s extensive payment network, Metamask’s secure wallet platform and Baanx’s expertise in card programs and technologies.
In addition, the Linea network provides the underlying infrastructure that delivers speed and efficiency.
Introducing the MetaMask Card: Initial market launch and future expansion
MetaMask will initially launch the MetaMask Card in the European Union (EU) and the United Kingdom (UK).
Because this is a grand new adventure, a select number of users in the EU and UK will be the first to experience seamless crypto spending directly from their MetaMask wallet, wherever Mastercard is accepted.
Keep an eye on your MetaMask Portfolio and look for the ‘Card’ tab over…
— MetaMask 🦊🫰 (@MetaMask) August 14, 2024
This purely digital card will initially be available to a select number of users, with plans to expand availability and introduce additional features in the coming months. The card will support widely used cryptocurrencies such as USDC, USDT and ETH.
MetaMask users can check their eligibility for the card by visiting MetaMask Portfolio via a web browser and navigating to the Card tab.
