MetaMask launched a new debit card in collaboration with Mastercard and Baanx.
MetaMask Card allows users in the European Union and the United Kingdom to convert their cryptocurrencies directly from their MetaMask wallets and use them for everyday purchases.
Talking about bridging traditional finance with self-custody
The rollout of the MetaMask Card began with a pilot phase on August 14, initially targeting a select group of users in the EU and UK. Users can check their eligibility for the card by visiting the MetaMask Portfolio online.
As the pilot progresses, the program will expand to include more features and regions, with more developments expected later in the year.
This collaboration will utilitize Mastercard’s payment network, MetaMask’s commitment to user security, and Baanx’s financial technology expertise.
The MetaMask Card operates on Linea, an Ethereum-based network, ensuring fast and efficient transactions.
As Consensys, MetaMask’s parent company shared, this integration represents a key step in merging traditional financial systems with new digital technologies.
The MetaMask Card functions like a traditional debit card but offers the added benefit of self-custody, allowing users to maintain control over their cryptocurrency until the moment of the transaction.
The card also lets users set spending limits and make purchases wherever Mastercard is accepted.
Connecting worlds
Lorenzo Santos, Senior Product Manager at Consensys, highlighted the importance of this partnership in bridging the gap between conventional payment systems and the self-sovereign control of digital assets.
“Mastercard’s broad reach and strong brand, combined with technology from Crypto Life [Baanx] and MetaMask, significantly bridge traditional payment systems and true self-sovereign control of assets.”
This new project aligns with Consensys’ mission of empowering individuals and communities through these decentralized technologies.
By integrating traditional finance with decentralized solutions, the company wants to give users more autonomy and freedom in managing their assets.
Financial inclusion
Simon Jones, Chief Commercial Officer at Baanx, emphasized the potential of the MetaMask Card to enhance financial accessibility big time.
He pointed out that this initiative could have a huge impact in regions with large populations of unbanked or underbanked individuals by providing basic financial services through a simple mobile device.
Jones also discussed the long-term implications of such technologies, suggesting that self-custodial wallets like the MetaMask could eventually replace traditional bank accounts.
“In the long run, we envision self-custodial wallets becoming the standard, enabling users to make informed decisions on where to hold their assets while smart technologies ensure spending is as efficient and cost-effective as possible.”
