MetaMask has launched a new crypto debit card (the MetaMask Card), in partnership with Mastercard, now available to people in the European Union and the United Kingdom.
This card allows users to turn their cryptocurrency into fiat directly from their MetaMask wallets, similar to how a regular debit card works. However, users keep control of their crypto until they decide to make a payment.
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The MetaMask Card
The MetaMask Card started its initial trial on August 14, limited to a small group of users in the EU and UK. Users can check if they qualify through the MetaMask Portfolio online. The program will gradually include more features and expand to more areas later this year.
This project involves MetaMask, Mastercard, and Baanx, each contributing its strengths. Mastercard brings its payment network, MetaMask focuses on user safety, and Baanx provides its expertise in financial technology. The MetaMask Card uses Linea, an Ethereum-based network, to ensure quick and efficient transactions, as noted by Consensys, MetaMask’s parent company.
This effort is part of Mastercard’s approach to connecting traditional finance with newer forms of money. The MetaMask Card works like a typical debit card but allows users to keep their cryptocurrency under their control until they spend it. Users can also set spending limits and make purchases wherever Mastercard is accepted.
Lorenzo Santos, Senior Product Manager at Consensys, mentioned that this partnership closes the gap between standard payment systems and the ability for people to manage their own assets.
Consensys believes this will give people more control over their money through decentralized tools. Combining traditional finance with these tools, Consensys aims to offer users greater freedom in handling their finances.
Simon Jones, Chief Commercial Officer at Baanx, also pointed out that the MetaMask Card could help more people access financial services. He noted that this card could be very useful in places where many people lack banking services, allowing them to use basic financial tools through their phones.
Jones also explained that, over time, wallets like MetaMask could take the place of traditional bank accounts, letting people decide where to keep their money and use smart technology to spend it in the best and most efficient way.
This partnership between MetaMask and Mastercard to introduce the MetaMask Card follows an earlier one between Mastercard and Binance, a major cryptocurrency exchange. Earlier this year, they launched a prepaid card in Brazil, allowing users to make payments with their crypto assets. However, that partnership ended in August 2023 due to legal issues Binance faced with US regulators, and the resignation of its CEO, Changpeng Zhao.
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