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MetaMask and Mastercard Launch Debit Card That Lets You Spend From Your Ethereum Wallet
MetaMask, the popular Ethereum -centric crypto wallet, announced on Wednesday that it has partnered with Mastercard to pilot a new debit card that will connect directly to users’ self-custody wallets and allow them to pay with crypto anywhere in the world where Mastercard is accepted.
The MetaMask Card, as the product has been dubbed, will initially be available via a limited pilot program for a few thousand users in the European Union and the United Kingdom. By later this year, the MetaMask Card is expected to fully roll out in the EU and the UK; in coming quarters, pilot launches will expand to additional regions.
“We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable,” Raj Dhamodharan, Mastercard’s executive vice president of blockchain and digital assets, said of the move in a statement.
The MetaMask Card will be issued by Baanx, a British financial technology firm. To use it, users will need to hold crypto on Linea —an Ethereum layer-2 network—within their MetaMask wallet, then delegate funds for the card. At present, the card is compatible with stablecoins USDT and USDC, as well as wrapped Ethereum (WETH).
MetaMask Card allows you to make purchases directly from your wallet, with your crypto instantly converted to fiat currency (e.g., euros, pounds). You can use it for everyday spending via Apple Pay and Google Wallet, retaining full control of your funds until the moment of…
— MetaMask ?? (@MetaMask) August 14, 2024
Those crypto funds will remain self-custodied until the moment of a transaction; then, crypto will be instantaneously converted to fiat currency to complete a purchase at a restaurant, clothing store, gas station, or any number of potential in-store and online venues that accept Mastercard.
“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, the Ethereum software giant behind MetaMask, said in a statement. “This is a paradigm shift that offers the best of both worlds.” ( Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt.)
To check eligibility for the MetaMask Card, users can visit MetaMask in a web browser and look for a “Card” tab in their menu. MetaMask users can also sign up for a waitlist to receive updates on when they might become eligible in the future.