MetaMask, a leading self-custodial crypto wallet and browser extension developed by ConsenSys, has teamed up with Mastercard and Baanx to launch the MetaMask Card. This will be the world’s first Mastercard debit card that enables users to spend their crypto directly from their MetaMask wallet anywhere Mastercard is accepted.
This pilot is currently available to a limited group of users in the EU and UK.
MetaMask is a popular Ethereum wallet that allows users to manage their digital assets, interact with decentralized applications (dApps), and securely sign transactions.
By integrating with Mastercard’s global payment network and Baanx’s card issuing platform, MetaMask is now able to offer a seamless way for its users to spend their crypto holdings in the real world.
The MetaMask card
The MetaMask Card functions like a traditional debit card, allowing users to make purchases directly from their self-custodial MetaMask wallet. Users can hold their crypto on-chain on the Linea network and use MetaMask to set spending caps for the card.
At the time of purchase, the crypto is instantly converted to fiat currency (e.g. euros, pounds) and the funds are available to use. This process eliminates the need to transfer crypto to an exchange, convert to fiat, move to a bank account, and then spend – a cumbersome process that has hindered mainstream crypto adoption.
With the MetaMask Card, users can now make everyday purchases with their crypto anywhere Mastercard is accepted while maintaining full control over their private keys until the moment of transaction.
How it works
The MetaMask Card is designed to streamline the process of spending cryptocurrency directly from the MetaMask wallet, eliminating the cumbersome steps traditionally required to convert crypto into fiat for everyday purchases.
When a user wants to make a transaction, they can simply utilize the card at any merchant that accepts Mastercard. The card is linked to the user’s MetaMask wallet, which allows for direct access to their crypto holdings without the need for intermediary steps like transferring funds to an exchange or a bank account.
Upon making a purchase, the MetaMask Card automatically converts the necessary amount of cryptocurrency into fiat currency in real-time. This conversion occurs using supported tokens such as USDC, USDT, and wrapped Ethereum (wETH) on the Linea network, which is a layer-2 solution designed for high-speed and low-cost transactions.
Users can set spending limits on their MetaMask Card, ensuring they maintain control over their funds until the moment of payment. This feature allows users to decide how much they are willing to spend, and they can revoke or adjust these limits at any time.
To facilitate these transactions, users need to bridge their tokens to the Linea network, which can be done easily through the MetaMask Portfolio interface. Each transaction also incurs a small gas fee, paid in Ether (ETH), which is necessary to execute the transaction on the Ethereum blockchain.
This innovative approach not only empowers users with self-custody of their assets but also integrates seamlessly with existing payment systems, making it easier to spend crypto in everyday scenarios.
Benefits of the MetaMask card
The MetaMask Card offers several significant advantages that enhance the user experience for both crypto enthusiasts and novices. One of the primary benefits is the elimination of barriers that have historically hindered the use of cryptocurrency in everyday transactions.
By allowing users to spend directly from their MetaMask wallets, the card simplifies the process, making it more accessible to a broader audience. This ease of use is expected to drive greater adoption of cryptocurrency as a viable payment method, bridging the gap between digital currencies and traditional commerce.
Another notable benefit is the enhanced security and control it provides. Users retain full ownership of their private keys and funds until the exact moment of a transaction, unlike traditional prepaid crypto cards that require users to deposit funds with a third party. This self-custody model aligns with the ethos of decentralization, allowing users to manage their assets on their terms.
Additionally, the MetaMask Card is integrated with Mastercard’s extensive global network, enabling users to make purchases both online and in physical stores. This broad acceptance means that users can leverage their crypto holdings in a variety of real-world scenarios, from grocery shopping to dining out.
The integration with mobile payment systems like Apple Pay and Google Pay further enhances convenience, allowing users to pay with their crypto using their smartphones.
Phased launch and future plans
The MetaMask Card pilot is initially available to a few thousand users in the EU and UK. Eligible currencies at launch include USDC, USDT, and WETH on Linea.
Looking ahead, MetaMask Card is set to expand its reach, with plans for a full rollout in the EU and UK later this year and a pilot launch in additional regions over the coming quarters. Users can check if they are eligible by going to their MetaMask Portfolio and looking for the “Card” tab.
Those not eligible during the pilot phase can fill out a form to be notified when they may be able to access the card in the future.
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