MetaMask, the leading Ethereum wallet, is reportedly testing a novel on-chain crypto payment card in collaboration with Mastercard.
This first-of-its-kind initiative aims to bridge the gap between the decentralized world of Web3 and traditional finance.
According to CoinDesk, the card would operate entirely on the blockchain, issued by Baanx, and run on Mastercard’s vast network.
This integration unites MetaMask’s 30 million-strong user base with Mastercard’s global reach, allowing users to spend their crypto holdings directly at any location that accepts cards.
The documents laid out that the card would be the first-ever truly decentralized payments service for Web3.
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It claims that users are able to directly spend their crypto “on everyday purchases, everywhere cards are accepted.”
However, both MetaMask and Mastercard have yet to confirm this statement.
This development signifies a growing interest from financial giants in the Web3 space. Mastercard, alongside its competitor Visa, has been actively courting both public blockchain developers and self-custody wallet providers.
While Mastercard works with MetaMask and hardware wallet firm Ledger to expand its Web3 offerings, Visa focuses on cross-border payments involving Circle’s USDC stablecoin and the Solana blockchain.
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Source: https://bitcoinworld.co.in/metamask-partners-with-mastercard-to-trial-on-chain-crypto-payments-card/