- Mastercard is expanding support for crypto payments using non-custodial wallets
- The payment giant has partnered with crypto payment firm Mercuryo to develop a Mastercard-powered crypto debit card
- The card will allow its users to spend crypto from self-custody wallets
Payment heavyweight Mastercard has partnered with Mercuryo to expand support for non-custodial wallets through the creation of a crypto debit card. Powered by Mastercard, the debit card can be linked to self-custody wallets and allow users to spend crypto at Mastercard-branded outlets. The card is euro-dominated, supports multiple blockchains, and integrates with both Google Pay and Apple Pay, making it easy to spend crypto and drive crypto adoption.
Bridging the Web3-Web2 Gap
Dubbed “Spend”, the crypto payment firm believes that the card helps bridge the gap between web3 and web2. According to Mercuryo, the web3 space doesn’t offer an easy way for users to cash out their crypto.
The crypto payment firm disclosed that the debit card is fully decentralized and offers users the “freedom of payment.” It added that the card doesn’t require intermediaries and crypto is spent directly from a user’s wallet.
The card supports crypto on chains like Solana, Ethereum, The Open Network, and Polkadot. The firm revealed that the card allows users to maintain “separate balances for their wallet and Spend card.”
This isn’t the first time Mastercard has partnered with crypto platforms to allow spending of crypto stored in self-custody wallets. In May, for example, the payment giant’s innovation arm FinSec Innovation Lab partnered with fintech firm Kima to link DeFi and conventional finance through credit cards.
Mastercard’s Love for Crypto Continues
Last year, Mastercard linked up with Stables to create a virtual card that allowed users to spend and save stablecoins. In August, the payment heavyweight collaborated with Metamask to develop a blockchain-based debit card.
Apart from creating ways to seamlessly spend crypto from non-custodial wallets, Mastercard is also working on an identity system to help users send and receive crypto using aliases rather than addresses.
With Mastercard partnering with Mercuryo, it’s evident the payment giant is committed to interfacing crypto with traditional finance.
