MetaMask and Mastercard launch new crypto debit card

MetaMask, Mastercard, and Baanx have teamed up to launch a pilot program for the MetaMask Card, a crypto debit card that lets users spend directly from their MetaMask wallet. 

This card allows eligible users in the European Union and the UK to make purchases anywhere Mastercard is accepted, bypassing the usual headaches of converting crypto to fiat before spending.

Lorenzo Santos, Senior Product Manager at Consensys, describes the MetaMask Card as a way to give users “more freedom to spend their crypto.” 

Simon Jones, Chief Commercial Officer at Baanx, adds that they are working with MetaMask to help users take more control over their finances.

Eligible users can check if they’re part of the pilot by looking for a “Card” tab in their MetaMask Portfolio. If available, they’ll be redirected to Crypto Life to set up their account and activate their card.

For too long, spending crypto in the real world has been a hassle. Typically, you’d have to transfer your funds to an exchange, convert them to fiat, then move that money to a bank before you could spend it. 

The MetaMask Card cuts out these steps by letting users spend their crypto directly, no bank needed. And it works like a debit card. 

This means your crypto stays in your MetaMask wallet until the moment you make a purchase. The card taps into Mastercard’s global network, so you can use it pretty much anywhere, online or in-store. 

Supported currencies for this pilot include USDC, USDT, and wETH on Linea. Mastercard first announced support for select cryptocurrencies on their network back in 2021. 

They then formed partnerships with companies like Wirex and BitPay to roll out crypto cards, enabling people to transact using their crypto balances.

In October 2022, Mastercard took another step by partnering with Paxos to create the Crypto Source program, which allows member financial institutions to offer crypto trading to their clients. 

Fast forward to 2024, and Mastercard launched its Crypto Credentials P2P pilot program in Latin America. This reportedly simplifies crypto transactions by assigning human-readable aliases to verified users, cutting down on the risk of user error.

Mastercard claims that the Crypto Credential service has expanded to 13 countries, with plans to reach over 7 million users across participating exchanges by the end of 2024.