MetaMask Partners with Mastercard to Launch Crypto Debit Card
New Debit Card Bridges Crypto and Traditional Payments
MetaMask, the Ethereum-focused crypto wallet, has teamed up with Mastercard to introduce a new debit card, the MetaMask Card, designed to integrate seamlessly with users' self-custody wallets. This card will enable payments in crypto anywhere Mastercard is accepted globally.
The rollout begins with a limited pilot program for a few thousand users in the European Union and the United Kingdom, with plans to expand across the EU and UK later this year. Additional regions will see pilot launches in the coming months.
Mastercard’s executive vice president of blockchain and digital assets, Raj Dhamodharan, emphasized the initiative’s potential to enhance the ease, security, and interoperability of purchases for self-custody wallet users.
The card, issued by British fintech firm Baanx, requires users to hold crypto on Linea, an Ethereum layer-2 network, within their MetaMask wallet and delegate funds for transactions. Currently, the card supports stablecoins USDT, USDC, and wrapped Ethereum (WETH).
The MetaMask Card offers a unique feature where crypto funds remain in self-custody until a transaction occurs. At that moment, the crypto is instantly converted into fiat currency, enabling users to make purchases at various establishments, from restaurants to online stores, that accept Mastercard.
Consensys' senior product manager, Lorenzo Santos, described the card as a significant advancement in bridging the gap between blockchain technology and traditional payment systems. MetaMask users can check their eligibility by visiting the “Card” tab in their browser-based MetaMask wallet, with a waitlist available for those interested in future updates.
Conclusion
The MetaMask Card represents a significant leap in crypto adoption, offering users a seamless way to spend digital assets in everyday transactions. By combining the security of self-custody with the convenience of traditional payments, this partnership between MetaMask and Mastercard paves the way for broader integration of cryptocurrencies into daily financial activities.
FAQs
How does the MetaMask Card work?
The card connects to users' MetaMask wallets, allowing them to spend crypto at Mastercard-accepting merchants. Funds remain in self-custody until a transaction occurs, at which point the crypto is instantly converted to fiat currency for payment.
Which cryptocurrencies are supported by the MetaMask Card?
Currently, the card supports three cryptocurrencies: USDT and USDC stablecoins, and wrapped Ethereum (WETH). These assets must be held on the Linea network within the user's MetaMask wallet.
Where is the MetaMask Card available?
The card is initially launching as a limited pilot program for select users in the European Union and United Kingdom. Expansion plans include wider availability across the EU and UK later this year, with additional regions to follow in the coming months.
How can users get the MetaMask Card?
Eligible users can check their status by visiting the "Card" tab in their browser-based MetaMask wallet. Those interested in future updates can join a waitlist, as the card is currently available only to a limited number of users.
This article has been refined and enhanced by ChatGPT.
