MetaMask has announced the pilot launch of its self-titled MetaMask Card. This card is backed by Mastercard and the financial platform Baanx and allows crypto wallet users to spend cryptocurrency on daily goods.
According to a press release, the card is now limited to a few thousand digital-only cards for users in the European Union and the United Kingdom.
MetaMask, Mastercard, and Baanx bring in a new mode of payment
According to the announcement, MetaMask Card is part of a new card program from Mastercard that enables seamless connectivity between web2 and web3 ecosystems. Users can make purchases directly from their MetaMask (MM) wallet while keeping custody of their funds until the transaction is completed.
Crypto is then immediately converted to currency, allowing crypto users to make purchases online or in-store. Users must keep their crypto on-chain on the Linea network and use MM to set spending limits for the card. They can store their keys wherever they like.
Lorenzo Santos, senior product manager at Consensys, adds, “This gives people more freedom to spend their assets, in this case, crypto.” Lorenzo emphasized that “MetaMask Card represents a major step to removing the friction between the blockchain and traditional payments,” stating: “This is a paradigm shift that offers the best of both worlds.”
The launch comes as traditional financial services and blockchain-based digital assets become increasingly interconnected. As global institutions tokenize traditional products such as bonds and credit, and asset managers begin providing bitcoin (BTC) and ether (ETH) exchange-traded funds, payment giants are looking for ways to incorporate blockchain technology into financial systems.
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Source: https://www.cryptonewsz.com/metamask-partner-mastercard-baanx-debit-card/