Mastercard to Partner With Self-Custody Wallet Firms

• Mastercard plans to collaborate with MetaMask, Ledger, and other custody wallet firms.
• According to Mastercard, the partnership will deliver a robust payment system.
• Payment cards will attract more users to custody wallet firms like MetaMask and Ledger.

Mastercard, the world’s leading payment processor, plans to collaborate with MetaMask, Ledger, and other custody wallet firms to deliver a robust payment system, reports suggest. The payments giant reportedly revealed this plan in a Web3 strategy workshop report, where it pointed out that having a payment card would benefit wallet providers.

According to Mastercard, payment cards will attract more users to custody wallet firms like MetaMask and Ledger, enabling them to build their loyalty base and increase their revenue streams. However, it added that the users would also enjoy the opportunity to spend their crypto balance in a frictionlessly by using the cards across regular payment points.

Introducing a payment card would be a demanding task for wallet providers, and Mastercard believes that is where it can help. Moreover, the leading payment provider revealed it is evaluating “new models for global issuance using stablecoin on-chain settlement and inexpensive fast chains.”

A Mastercard spokesperson explained that the company is entering the digital assets space with its trusted and transparent approach through a range of innovative products and solutions. Products mentioned by the spokesperson include the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and new card programs that connect Web2 and Web3.

MasterCard’s latest plan may be indicative of the growing trend of renowned credit card networks entering the crypto space despite stringent market conditions and regulatory uncertainty. Earlier in the year, Mastercard announced that its Engage program would focus on introducing new crypto card programs to the market. Meanwhile, Visa is currently working with the USDC stablecoin and the Solana blockchain for cross-border payments.

According to Mastercard’s spokesperson, the company will release a set of standards that will guide partner firms to ensure consumer protection, price competition, and transaction monitoring requirements.