- Metamask has begun rolling out its blockchain-based debit card in collaboration with Mastercard and Baanx in a limited pilot phase
- The pilot has targeted select users in the EU and UK, with plans for broader expansion later this year
- Metamask’s announcement follows Tezos’ announcement of a similar crypto card with Mastercard and Baanx
Wallet giant Metamask has begun rolling out its new blockchain-based debit card in collaboration with Mastercard and crypto payments specialist Baanx. Initially, the Metamask Card will be introduced in a limited pilot phase, offering digital-only cards to a select group of users in the European Union and the United Kingdom, but the company plans to expand its availability later this year. A full rollout is expected over the coming months alongside further pilot launches in additional regions. The news comes a month after Tezos announced their own crypto card with Mastercard and Baanx.
No Need to Cash Out Crypto
News of Metamask’s foray into the world of crypto payment cards came in March, with promotional material at the time promising that it would be “the first ever truly decentralized web3 payment solution,” allowing users to spend their crypto “on everyday purchases, everywhere cards are accepted.”
The Metamask Card functions similarly to a typical debit card but allows users to make purchases directly using digital assets held in their Metamask wallet. Initially, users will be able to spend assets such as USDC, USDT, and wETH held on the Linea blockchain, an Ethereum layer-2 network developed by Consensys, the company behind Metamask.
This feature enables users to maintain control of their funds until the moment of payment, offering a more secure and flexible way to spend their cryptocurrencies.
More Options for Holders
Mastercard has been actively collaborating with Baanx on its web3 payments initiative, which aims to bridge the gap between conventional payment methods and crypto platforms. This initiative includes partnerships with companies like Ledger and 1inch, while last month saw Tezos announce its own non-custodial crypto debit card, also through Mastercard.
Meanwhile, Mastercard’s chief rival in the payments space, Visa, has formed alliances with Circle’s USDC stablecoin and the Solana network to enhance the speed of cross-border payments.
The launch of this blockchain-based debit card represents a significant step forward in providing more accessible and interoperable financial services to crypto users, particularly those in regions with high numbers of unbanked or underbanked individuals.
