Cryptocurrency wallet provider MetaMask partnered with Mastercard and Baanx to launch the Metamask card crypto solution: a debit card enabling users to spend cryptocurrency on everyday purchases. The pilot program was announced earlier today.
Seamless Crypto Spending: Bridging the Web2-Web3 Gap
The trio’s announcement has generated excitement as the card allows users to spend their cryptocurrency seamlessly on everyday purchases.
According to the press release, Consensys, the developer behind MetaMask, noted that the card will eliminate the complex process of transferring crypto to fiat currency, a hurdle that has long impeded the widespread adoption of digital assets.
With the Metamask card crypto option, users can directly spend their crypto holdings in their self-custodial MetaMask wallet anywhere 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’re bringing crypto closer to everyday spending.” This streamlined approach seeks to remove a major barrier to mainstream crypto adoption.
To use the card, users set spending limits on their MetaMask wallet, with crypto instantly converted to fiat at the point of sale, ensuring control over funds until the transaction occurs; users must also hold their crypto on the Linea Network.
The collaboration capitalizes on the combined expertise of Mastercard’s extensive payment network, Metamask’s secure wallet platform, and Baanx’s proficiency in card programs and technology.
Additionally, the Linea network provides the underlying infrastructure, which offers speed and efficiency.
MetaMask Card Rolls Out: Initial Launch and Future Expansion
MetaMask will launch the Metamask card with a limited rollout in the European Union (EU) and the United Kingdom (UK).
This digital-only card will initially be available to a select number of users, with plans to expand its 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 through a web browser and navigating to the “Card” tab.
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