Metamask has teamed up with Mastercard and Baanx to launch a debit card that lets users spend their crypto assets directly from their self-custody wallets. Consensys, the firm behind the project, views this new card as a pivotal step in weaving digital currencies into everyday life.
Metamask Partners With Mastercard to Launch Crypto-Backed Debit Card in Europe
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Mastercard and Metamask Team Up to Launch Crypto Debit Card
As per the announcement, Metamask’s debit card aims to empower users to make purchases with cryptocurrency without the need to convert funds into fiat through conventional banking. Backed by Baanx’s technology and Mastercard’s network, the card ensures users maintain control over their digital assets until the moment of transaction.
Metamask revealed that during purchases, the crypto is instantly converted to fiat, allowing for smooth and effortless use both online and in stores. This feature, Metamask noted, aims to break down the traditional barriers that have made it challenging for cryptocurrencies to gain traction in everyday transactions.
Operating on the Linea network, a layer two solution on Ethereum, the card supports transactions in USDC, USDT, and WETH. Though initially rolled out as digital-only cards for a few thousand users in the U.K. and Europe, there are plans for broader distribution and additional features in the near future.
“Metamask Card represents a major step to removing the friction that has existed between the blockchain and traditional payments,” Lorenzo Santos, senior product manager at Consensys said on Wednesday. “This is a paradigm shift that offers the best of both worlds.”
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