MetaMask Card Pilot Launch: Seamless Crypto Spending with Mastercard
MetaMask has teamed up with Mastercard and Baanx to launch the MetaMask Card, a pioneering initiative that enables MetaMask wallet users to seamlessly use their cryptocurrency for everyday purchases in fiat currency, such as euros or pounds sterling. The card, initially available as a digital-only option, is being rolled out in a limited pilot across EU countries and the UK.
Breaking Down Barriers to Everyday Crypto Spending
For self-custodial wallet users, spending cryptocurrency outside the digital asset ecosystem has traditionally been cumbersome. Typically, users would need to transfer their crypto to an exchange, convert it to fiat, and then move those funds to a traditional bank account before spending. This multi-step process has been a significant barrier to making crypto a mainstream method of payment.
The MetaMask Card aims to eliminate these hurdles. Part of a new card program from Mastercard designed to bridge the gap between web2 and web3 ecosystems, the MetaMask Card functions like a traditional debit card. Users can make purchases directly from their MetaMask wallet, with crypto being instantly converted to fiat at the moment of the transaction. This innovation allows users to retain custody of their funds right up until the point of purchase, offering unparalleled convenience.
Partnership Leveraging Advanced Technology
The MetaMask Card is powered by Baanx, a crypto payments company known for its expertise in building secure and efficient card programs. The card operates on the Linea network, which runs on Ethereum, ensuring fast and cost-effective transactions. Mastercard’s global network scale, combined with the security features of MetaMask and Baanx’s technological prowess, provides a robust solution for crypto spending.
“This gives people more freedom to spend their assets; in this case, crypto,” said Lorenzo Santos, Senior Product Manager at Consensys. “MetaMask Card represents a major step in removing the friction that has existed between the blockchain and traditional payments. This is a paradigm shift that offers the best of both worlds.”
Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard, added, “Mastercard’s position at the center of commerce affords us a unique vantage point to identify real-world challenges and opportunities to solve for them. We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable.”
A Phased Launch Across Different Regions
The pilot launch includes only a few thousand digital-only cards, which are now available to MetaMask users in the EU and UK. These users can register for the card through MetaMask Portfolio and set it up as a payment method on their mobile devices. The card allows spending in USDC, USDT, and WETH on everyday purchases, thanks to the integration with the Linea network.
In the coming months, the MetaMask Card will gain more features and functionality, with plans for a broader rollout across the EU and UK later this year. A pilot launch in additional regions is expected over the next few quarters, further expanding the reach of this innovative crypto payment solution.
