Mastercard Launches a Euro-Denominated Crypto Debit Card

• Mastercard has launched a Euro-dominated crypto debit card.
• With the new implementation, users can spend crypto from self-custodial wallets.
• Mastercard’s recent launch signals growing crypto adoption in the macro sector

Global payments giant Mastercard has launched a Euro-dominated crypto debit card. This new payment tool will enable users to spend crypto from self-custodial wallets at millions of merchants worldwide.

Mainstream Finance Embraces Crypto

Mastercard’s latest move underscores the growing involvement of mainstream finance giants in the cryptocurrency space. Banks, stock exchanges, credit card companies, payment providers, and Wall Street powerhouses like BlackRock and Fidelity are actively participating in the crypto industry.

Read also: Mastercard and US banks collaborate to streamline settlement of tokenized assets.

Mastercard had previously dabbled in crypto enablement, allowing users to connect their cards with crypto exchanges for spending. This recent development, however, deepens the payment giant’s crypto involvement by enabling users to spend cryptocurrencies stored in self-custody directly.

Partnership with Mercuryo

Mastercard achieved this new milestone by partnering with Mercuryo, a European crypto payments infrastructure provider. This follows the payment giant’s pilot of a crypto debit card with MetaMask, the leading crypto self-custodial wallet, in August. Analysts believe such efforts by Mastercard and other payment platforms will further bridge traditional finance with crypto, boost adoption, and accelerate the industry’s expansion.

Read also: MetaMask Debuts Crypto Debit Card with Mastercard

Mastercard’s recent launch comes during the ongoing crypto market selloff that has seen Bitcoin trade below $60,000 for the past seven days. The flagship crypto succumbed to bearish pressure after meeting resistance around $65,000, pulling back to drop below previous supports, including the crucial 0.5 Fibonacci retracement level on the daily chart.

Ethereum Also Feels the Pressure

Bitcoin’s recent pullback has affected other major digital assets in the cryptocurrency market. Ethereum, the flagship altcoin and second-largest crypto by market capitalization, dropped below the 0.236 Fibonacci retracement support level. ETH slipped below $2,500, with the price threatening to fall further and potentially retest the August 5 low of $2,116.

Despite the crypto market pullback, analysts believe macro developments like Mastercard’s recent move signal increasing adoption of the novel technology. The host of the Thinking Crypto YouTube channel highlighted in a recent podcast that enabling payments from self-custodial wallets will allow Mastercard to drive self-custody crypto adoption. That, in turn, would foster decentralization and enhance the fundamental elements of cryptocurrency implementation.