MetaMask, a leading Web3 wallet known for its commitment to user-controlled digital assets, has announced the launch of its new debit card in collaboration with Mastercard and Baanx. This innovation, known as the MetaMask Card, aims to bridge the gap between traditional financial systems and self-custody of digital assets.
The MetaMask Card, which entered its pilot phase on August 14, allows users in the EU and UK to convert cryptocurrency from their MetaMask wallets into fiat currency for everyday transactions. Initially available to a select group of users, the card's rollout will expand with additional features and regional availability planned for later this year. Users can check their eligibility by accessing the MetaMask Portfolio online.
The MetaMask Card leverages the strengths of each partner in the collaboration: Mastercard’s extensive global payment network, MetaMask’s focus on user security, and Baanx’s expertise in financial technology. Transactions made with the MetaMask Card are supported by Linea, an Ethereum-based network, ensuring both speed and efficiency.
Unlike traditional debit cards, the MetaMask Card offers the benefit of self-custody. Users retain control over their cryptocurrency until the moment of the transaction, and can also set spending limits and use the card anywhere Mastercard is accepted.
Lorenzo Santos, Senior Product Manager at ConsenSys, MetaMask’s parent company, spoke to BeInCrypto about the impact of this collaboration. “The vast reach and strong brand behind Mastercard, paired with technology from Baanx and MetaMask, goes a long way to bridging the gap between traditional payment systems and true self-sovereign control of assets,” Santos stated.
This initiative aligns with ConsenSys’ broader vision of empowering individuals and communities through decentralized technologies. By integrating traditional financial systems with decentralized solutions, ConsenSys aims to offer users greater control and freedom in managing their assets.
Simon Jones, Chief Commercial Officer at Baanx, highlighted the card’s potential to enhance financial accessibility. “This initiative could significantly impact regions with large numbers of unbanked or underbanked individuals by providing basic financial services through a mobile device,” Jones noted.
Jones also emphasized the transformative potential of technologies like the MetaMask Card. “In the longer term, we see self-custodial wallets potentially replacing the role of a bank account in users’ daily lives. People will have the freedom to choose where to hold their assets, while smart technologies enable them to spend in the most efficient and cost-effective way possible,” he explained.
The launch of the MetaMask Card follows Mastercard’s previous partnership with Binance, which began in January 2023 with the introduction of a prepaid card in Brazil. This card allowed users to make payments using their crypto assets but ended in August 2023 due to legal challenges faced by Binance and the resignation of its CEO, Changpeng Zhao.
The MetaMask Card represents a significant advancement in the integration of digital currencies with traditional financial systems, potentially setting the stage for broader adoption and innovation in the financial sector.
August 2024, Cryptoniteuae