In partnership with Baanx and Mastercard, MetaMask announced the test launch of its self-titled MetaMask Card on 14 August 2024.
In a first, the Mastercard debit card will allow users of the crypto wallet to spend cryptocurrency on every-day purchases.
Initial Rollout OF MetaMask Card Limited To UK and EU
Introducing MetaMask Card: The world’s first Mastercard debit card that enables instant spending directly from your self-custody wallet. We’ve teamed up with @Mastercard and @BaanxGroup to bridge the gap between crypto and daily life.
With MetaMask Card, every day can be crypto…
— MetaMask.eth 🦊🫰 (@MetaMask) August 14, 2024
According to a press release, the card is restricted to a few thousand digital-only cards that are now available to users in the UK and across the European Union.
Users of the MetaMask Card will be required to store their cryptocurrency on the Linea network. The card’s funds are allocated using MetaMask. Due to it being a self-custodial wallet, users maintain ownership of their secret keys.
Linea made headlines in June after it halted its block production following an exploit involving the decentralised exchange, Velocore. The Layer 2 blockchain has since said it plans to decentralise the network following the deliberate block-production pause.
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Freedom To Sell Crypto Assets
Senior Product Manager of Consensys, Lorenze Santos said , “This gives people more freedom to spend their assets, in this case, crypto”. Consensys is the parent company behind both the Linea network and MetaMask.
“MetaMask Card represents a major step to removing the friction that has existed between the blockchain and traditional payments,” said Santos. “This is a paradigm shift that offers the best of both worlds.”
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Meanwhile, Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard said, “Mastercard’s position at the center of commerce affords us a unique vantage point to identify real-world challenges and opportunities to solve for them”.
Bridging the gap between mainstream and decentralized financial worlds, we’re making it easier for users of self-custody wallets to make card purchases everywhere Mastercard is accepted – while retaining custody of their funds until the moment of purchase.
In collaboration… pic.twitter.com/FE4TuT6pjF
— Mastercard News (@MastercardNews) August 14, 2024
MetaMask has chosen Baanx as a partner for its MetaMask Card. It was likely chosen after the digital asset financial services company successfully developed Ledger’s CL Card. The CL Card is another crypto debit card powered by Mastercard.
Baanx native token, BXX has seen an 87% increase in price within the past 24-hours following this announcement, as per Coingecko.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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