MetaMask Introduces Blockchain-Based Debit Card with Mastercard

MetaMask Launches Blockchain-Based Debit Card in Partnership with Mastercard

MetaMask, the leading self-custodial crypto wallet designed for the Ethereum (ETH) network, is excited to announce the initial rollout of its innovative blockchain-based debit card. This card has been developed in collaboration with the renowned payments giant Mastercard and the crypto payments specialist Baanx. The MetaMask Card will be introduced as part of a “limited pilot” program featuring a select number of digital-only cards, aimed at users located in various European Union countries and the United Kingdom. This information was confirmed by MetaMask in a statement to CoinDesk on Wednesday.

The company has plans for a broader distribution later this year, anticipating a “full rollout” across the EU and the UK, along with additional pilot launches in other regions throughout the upcoming quarters. This offering comes at a time when traditional financial services are increasingly merging with blockchain-based digital assets. As global financial institutions begin to tokenize traditional instruments such as bonds and credits, asset managers are also starting to introduce bitcoin (BTC) and ether (ETH) exchange-traded funds. In this evolving landscape, payments giants are actively exploring innovative ways to integrate blockchain technology into established financial systems.

Mastercard has been collaborating with Baanx on its web3 payments initiative, which seeks to bridge the gap between traditional payment systems and crypto platforms. This initiative includes partnerships with notable entities such as hardware wallet company Ledger and decentralized exchange 1inch. In contrast, rival payment processor Visa has formed alliances with Circle’s USDC stablecoin and the Solana (SOL) network to enhance the efficiency of cross-border payments.

CoinDesk initially broke the news back in March that MetaMask was actively testing a blockchain-based payment card in partnership with Mastercard and Baanx. Raj Dhamodharan, the executive vice president of blockchain and digital assets at Mastercard, remarked, “We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable.” Meanwhile, Simon Jones, chief commercial officer at Baanx, stated, “Anybody who has access to a mobile phone should be able to obtain a basic range of financial services by default,” highlighting the potential impact this technology could have in regions with substantial populations of unbanked or underbanked individuals.

The MetaMask Card operates similarly to a conventional debit card but offers users the unique advantage of making purchases directly using their digital asset holdings stored within MetaMask’s self-custodial wallet. This means that users maintain custody of their funds until the precise moment of payment, ensuring enhanced security and control over their assets.

Users will have the flexibility to spend their USDC, USDT, and wETH cryptocurrencies held on the Linea blockchain, an Ethereum layer-2 network developed by Consensys, the same company that created MetaMask. Lorenzo Santos, a senior product manager at Consensys, expressed enthusiasm for the initiative, stating, “This gives people more freedom to spend their assets; in this case, crypto.”