MetaMask, a popular crypto wallet focused on Ethereum, has announced an exciting new partnership with MasterCard. Together, they are testing a new debit card that will connect directly to users’ self-custody wallets, allowing them to make purchases with cryptocurrency anywhere in the world that accepts MasterCard.
“We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable,” said Raj Dhamodharan, MasterCard’s Executive Vice President of Blockchain and Digital Assets, in a statement.
The new MetaMask Card will be issued by Baanx, a company that specializes in crypto payments. To use the card, users will need to hold cryptocurrency on Linea, an Ethereum layer-2 network, within their MetaMask wallet. They can then allocate funds to the card. Initially, the card will support stablecoins like USDT and USDC, as well as wrapped Ethereum (WETH).
When a user makes a purchase, the crypto in their self-custody wallet will remain under their control until the moment of the transaction. At that point, the crypto will be instantly converted into regular currency, allowing the purchase to go through at any store or online site that accepts MasterCard.
“We’re building toward a future where anyone with a mobile phone can access basic financial services,” said Simon Jones, Chief Commercial Officer for Baanx. “This could be a game-changer for people in countries where many are unbanked or underbanked.”
MetaMask has been working hard to make it easier to use cryptocurrencies alongside traditional payment methods. In late 2023, they introduced a feature that allowed Vodafone Cash users, a mobile money service, to easily convert crypto into cash.
In addition to Vodafone Cash, MetaMask users in Africa can exchange crypto for cash using services like Transak, MoonPay (with local banks in Nigeria), and PayPal, depending on the region and currency.
The MetaMask Debit Card will start with a limited pilot program for a few thousand users in the European Union and the United Kingdom. As the program expands, the card will become available in more countries and include additional features over time.
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Source: https://bitcoinke.io/2024/08/metamask-to-launch-self-custody-wallet-debit-cards-with-mastercard/
