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The card uses the Linea network for transactions.
Photo: consensys.io
Key Takeaways
MetaMask introduces global crypto card with Mastercard and Baanx partnership. The card aims to improve financial services accessibility globally. <?xml encoding="UTF-8"?>MetaMask is partnering with Mastercard and Baanx to introduce the MetaMask Card, a new solution that allows users to spend crypto directly from their MetaMask wallet for everyday purchases, said MetaMask’s parent company Consensys in a Wednesday announcement.
Traditionally, using crypto for everyday purchases has been a complex process involving multiple steps. Users often have to transfer their crypto to an exchange, convert it to fiat currency, and then move those funds to a traditional bank account before making a purchase.
Consensys said the MetaMask Card could simplify this process dramatically. It allows users to directly spend their crypto held in their MetaMask wallets on any purchase accepted by Mastercard. This means users can use their crypto to pay for everything from groceries to online shopping, the team stated.
The card initially supports spending in USDC, USDT, and WETH via the Linea network and is part of a broader initiative to bridge Web2 and Web3 ecosystems.
Lorenzo Santos, Senior Product Manager at Consensys, said the card plays a major role in bridging the gap between blockchain and traditional payment systems. People have more freedom to spend their crypto assets, Santos believes.
“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,” he stated.
According to Consensys, the card also offers key benefits like security and speed. Linea-powered transactions are processed quickly and users maintain control of their crypto assets through their self-custodial MetaMask wallet until transactions are completed.
Raj Dhamodharan, Executive Vice President at Mastercard, said that the collaboration aims to enhance the security and ease of transactions for wallet users.
“We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable,” said Dhamodharan.
The MetaMask Card is currently in a pilot phase with a limited number of digital cards available to users in the EU and UK. The plan is to expand availability to more regions in the coming months.
Simon Jones, Chief Commercial Officer at Baanx, noted that the product potentially impacts financial accessibility, especially in regions with significant unbanked populations.
“We’re building toward this vision of enabling non-custodial neobanking,” said Jones. “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.”
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