LAUNCH | MetaMask to Launch Self-Custody Wallet Debit Cards with MasterCard

MetaMask, the popular Ethereum-centric crypto wallet, announced that it has partnered with MasterCard to pilot a new debit card that will connect directly to users’ self-custody wallets and allow them to pay with crypto anywhere in the world where MasterCard is accepted.

“We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable,” Raj Dhamodharan, MasterCard’s Executive Vice President of Blockchain and Digital Assets, said of the move in a statement.

The MetaMask Card will be issued by Baanx, a crypto payments company. To use it, users will need to hold crypto on Linea – an Ethereum layer-2 network – within their MetaMask wallet, then delegate funds for the card. At present, the card is compatible with stablecoins, USDT and USDC, as well as wrapped Ethereum (WETH).

Those crypto funds will remain self-custodied until the moment of a transaction; then, crypto will be instantaneously converted to fiat currency to complete a purchase at a restaurant, clothing store, gas station, or any number of potential in-store and online venues that accept MasterCard.

“We’re building toward this vision of enabling non-custodial neo-banking. Anybody who has access to a mobile phone should be able to get access to a basic range of financial services by default. This would have huge implications in countries with large numbers of unbanked or underbanked individuals,” said Simon Jones, Chief Commercial Officer for crypto payments company, Baanx.

In recent times, MetaMask has been making a significant effort to integrate cryptocurrencies with fiat payment rails including a move in late 2023 that made it possible for Vodafone Cash users, a mobile money platform to easily exchange crypto for cash.

Besides Vodafone Cash, users in Africa can use the following services to exchange crypto on their MataMask wallet for cash:

• Transak, MoonPay available with local banks in Nigeria
• PayPal depending on your region and currency of choice
• Egypt’s Vodafone Cash

While the Metamask Debit Card will initially be available via a limited pilot program for a few thousand users in the European Union and the United Kingdom, the card is expected to expand to more countries over the year, as it includes more features as well.

MetaMask users can see if they’re eligible for MetaMask Card by visiting MetaMask Portfolio in a web browser and looking for a ‘Card’ tab in the menu.