Today, MetaMask (developed by Consensys), Mastercard and Baanx (which powers the Crypto Life platform) announced the pilot launch of MetaMask Card, enabling MetaMask wallet users to seamlessly use their cryptocurrency for everyday purchases in fiat currency (e.g., euros, £) anywhere around the world Mastercard is accepted.
MetaMask Card allows wallet users the unparalleled convenience of making purchases directly from their self-custodial crypto wallet. The card is launched through a limited pilot of a few thousand digital-only cards, available to users in EU countries and the UK.
Breaking Down Barriers to Everyday Crypto Spending
Self-custodial wallet users have faced challenges when looking to spend funds outside the crypto world. Typically, they would need to transfer their crypto assets to an exchange, convert them to fiat, and then move those funds to a traditional bank account to then spend. This process has been a roadblock to making crypto more mainstream as a method of value exchange.
As a part of a new card program from Mastercard to enable seamless connectivity between web2 and web3 ecosystems, MetaMask Card works like a traditional debit card: users can make purchases directly from their MetaMask wallet, while retaining custody of their funds until the moment of the transaction. Crypto is then instantly converted to fiat and available to make purchases online or in-store. Users need to hold their crypto on-chain on the Linea network and use MetaMask to set spending caps for the card. They can store their keys wherever they choose.
The partnership leverages the scale of Mastercard’s network, the security of MetaMask and Baanx’s extensive experience building technology and card programmes, backed by the speed and cost-efficiency of the Linea network running on top of Ethereum.
The Next Generation of The Internet and The World Economy
MetaMask Card bolsters the continuing mission of Consensys to transform the internet and world economy into one that empowers individuals through interactions based on trust, consent and privacy.
“This gives people more freedom to spend their assets; in this case, crypto,” says Lorenzo Santos, senior product manager at Consensys. “MetaMask Card represents a major step to removing the friction that has existed between the blockchain and traditional payments. This is a paradigm shift that offers the best of both worlds.”
“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,” said Raj Dhamodharan, executive vice president, Blockchain & Digital Assets at Mastercard. “We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable. Collaboration is the cornerstone of innovation, and we’re thrilled to collaborate with MetaMask and Baanx to transform the self-custody wallet experience, bridging the gap between web2 and web3 domains more seamlessly.”
“We’re building toward this vision of enabling non-custodial neobanking,” says Simon Jones, chief commercial officer for crypto payments company Baanx which is working with Mastercard on the Web3 card initiative. “Anybody who has access to a mobile phone should be able to get access to a basic range of financial services by default. This would have huge implications in countries with large numbers of unbanked or underbanked individuals.”
A Phased Launch Across Different Regions of The World
The card is initially being launched through a limited pilot of a few thousand digital-only cards, available to users in EU countries and the UK. These wallet users will be able to register for a digital card on MetaMask Portfolio and set it up as a payment method on their mobile device. The card and connected technology make it possible to spend USDC, USDT, and WETH using the Linea network on everyday purchases. MetaMask users can see if they’re eligible for MetaMask Card by visiting MetaMask Portfolio in a web browser and looking for a “Card” tab in the menu.