MetaMask to Issue Mastercard Debit Card

MetaMask, the world’s largest crypto wallet by user base, will launch a blockchain-based payment card in partnership with Mastercard and fintech company Baanx, reports RBC Crypto.

MetaMask Card will initially be available to several thousand users in the European Union and the UK.

By the end of 2024, the company plans to increase the number of cards issued, as well as expand their coverage to other regions. According to the developers, MetaMask’s audience includes more than 30 million active users monthly.

The crypto card will work like a regular debit card, but will allow you to make purchases using digital assets stored in the MetaMask wallet. As stated on the website, users will be able to spend cryptocurrencies such as USDC, USDT, and wETH stored on the Linea second-level network. At the time of payment, tokens will be automatically converted into national currencies to complete the transaction.

Linea is part of a group of projects owned by ConsenSys, one of the most significant players in the cryptocurrency market. Its products include the popular MetaMask crypto wallet, as well as the Infura node provider, which allows various services and developers to interact with the Ethereum network.

It is not known how much money has been specifically allocated for Linea’s development, but it is reported that ConsenSys has raised more than $700 million. Large investment funds and companies such as Dragonfly, Coinbase Ventures, as well as Microsoft, SoftBank and others have invested in the startup.

According to Raj Dhamodharan, vice president of blockchain and digital assets at Mastercard, the company saw a significant opportunity to make purchases easier, more secure and more compliant for crypto wallet users.

Visa vs Mastercard

MetaMask isn’t the only crypto company that Mastercard is partnering with. As part of its web3 payments initiative, the company is also exploring joint ventures with one of the largest hardware (physical) crypto wallet makers, Ledger, as well as decentralized exchange (DEX) aggregator 1inch, according to message Coindesk.

Mastercard rival Visa is also developing its own solutions for crypto companies. The company has started using the USDC stablecoin to conduct cross-border payments on the Solana blockchain.

It is also known that the Starknet project has attracted the attention of Visa representatives. Since 2022, the payment company has been testing their network to provide automated programmable payments.

At the beginning of summer, the largest crypto exchange Binance renewed its partnership with Mastercard, within which cardholders can pay for purchases with cryptocurrency and make deposits on the platform.

And in March, the company announced that it had launched a Crypto Credential service that would allow cryptocurrency transfers to be made directly between users. But for now, the service is only available to users of Mastercard partner exchange services and wallets in countries such as Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.

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