Summary:
- The card allows users to make purchases directly from their self-managed wallets.
- It will initially support transactions with USDC, USDT and wETH assets held on the Layer 2 network Linea.
- A wider distribution of the MataMask card is planned for later this year.
MetaMask has launched the pilot of its blockchain-based debit card, developed in collaboration with Mastercard and crypto payment API platform Baanx. The MetaMask card will allow users to make crypto purchases directly from their self-custodial wallets.
As part of the limited pilot, only a few thousand users in the UK and EU will be able to access the service, with a wider rollout planned for later this year. Users will be able to make purchases using USDC, USDT and wETH assets held on the Layer 2 network Linea, the company said in an announcement on Wednesday.
MetaMask’s self-custodial crypto wallet is one of the most used crypto wallets with more than 30 million monthly active users. According to a statement on the website, it is connected to almost every Web3 app.
On the other hand, data from Mastercard suggests that there will be more than one billion Mastercard credit and debit cards in circulation by 2023.
MetaMask’s mission is to democratize access to the decentralized web and transform the internet and global economy into one that empowers individuals through interactions based on consent, privacy, and free association.
However, as with many blockchain companies, engaging the non-cryptocurrency community has been one of the biggest challenges.
The collaboration with Baanx is part of Mastercard’s mission to drive the new paradigm shift in global financial services. The cooperation with MetaMask brings together two of the largest companies in their respective industries.
“We saw a significant opportunity to make purchases easier, more secure and more interoperable for self-custodial wallet users,” said Raj Dhamodharan, executive vice president of blockchain and digital assets at Mastercard.
Simon Jones, Chief Commercial Officer at Baanx, commented: “Everyone with access to a mobile phone should have access to a range of basic financial services as standard. This would have a huge impact in countries with large numbers of people with little or no access to banking services.”
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