MetaMask, a Web3 wallet known for enabling users to self-control their digital assets, has launched a debit card in collaboration with Mastercard and Baanx.
The newly introduced MetaMask Card enables users in the EU and UK to convert cryptocurrency directly from their wallets and use it for everyday transactions.
How MetaMask Card Bridge the Gap Between Traditional Finance and Self-Custody
According to the official statement, the pilot phase of the MetaMask Card began on August 14. The initial rollout is limited to a select group of users in the EU and UK. Interested users can check their eligibility by accessing the MetaMask Portfolio online.
As the pilot advances, the program is expected to expand. Additional features and regional availability are planned for later this year.
This partnership leverages each company’s strengths — Mastercard’s extensive payment network, Metamask’s focus on user security, and Baanx’s expertise in financial technology. The MetaMask Card will support its transactions using Linea, an Ethereum-based network. Consensys, Metamask’s parent company, said this network will ensure transactions’ speed and efficiency.
Read more: Top 8 Crypto Debit Cards in Europe
The initiative aligns with Mastercard’s broader strategy to bridge traditional financial systems with emerging digital technologies. The MetaMask Card functions similarly to a traditional debit card but with the added benefit of self-custody.
This feature allows users to maintain control over their cryptocurrency until the moment of transaction. Furthermore, users can set spending limits and make purchases wherever Mastercard is accepted.
Lorenzo Santos, Senior Product Manager at Consensys, elaborated on this collaboration’s impact to BeInCrypto.
“The vast reach and strong brand behind Mastercard, paired with technology from Crypto Life [Baanx] and MetaMask, goes a long way to bridging the gap between traditional payment systems and true self-sovereign control of assets,” he said.
This collaboration is also crucial to Consensys’ broader vision of empowering individuals and communities with economic and political agency through decentralized technologies. By integrating traditional finance with decentralized solutions, Consensys aims to offer users more control and freedom in managing their assets.
A Gateway to Financial Inclusion for the Unbanked
Echoing Santos’s remarks, Simon Jones, Baanx’s Chief Commercial Officer, emphasized the potential impact of the MetaMask Card on financial accessibility. He pointed out the significant opportunity the MetaMask Card presents in democratizing access to financial services.
“This initiative could significantly impact regions with large numbers of unbanked or underbanked individuals by providing basic financial services through a mobile device,” Jones added.
Furthermore, Jones highlighted the transformative power of new technologies like the MetaMask Card, which could fundamentally alter the traditional concept of banking.
“Longer term, we see self-custodial wallets […] replace the role of a bank account in the average user’s daily life. Whereby, people can make their own choices on where to hold their assets but with smart technologies enabling users to spend in the best, most efficient and cheapest way possible,” Jones explained to BeInCrypto.
Read more: 7 Best Crypto Cards To Earn Rewards in August 2024
This collaboration with MetaMask follows Mastercard’s previous partnership with Binance, one of the major crypto exchanges. In January 2023, Mastercard and Binance launched a prepaid card in Brazil, allowing users to make payments using their crypto assets. However, the partnership ended in August 2023 as Binance faced legal challenges with US regulators, and its CEO, Changpeng Zhao, resigned.
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