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Cryptocurrency wallet developer MetaMask launched a Mastercard circuit crypto debit card.
According to an Aug. 14 MetaMask announcement, the new card is a result of a collaboration with London-based crypto bank Baanx. The main distinguishing factor of this product over competitors is a focus on self-custody.
This is not the first MetaMask-powered service aimed at cryptocurrency users. As ReadWrite reported back in May, at the time the payment processor unveiled its new “Crypto Credential” service, which aims to simplify peer-to-peer crypto transfers by replacing addresses with simple aliases.
Users of the MetaMask debit cards will have access to direct spending from their MetaMask wallet anywhere MasterCard payments are accepted. Lorenzo Santos, Senior Product Manager at Consensys, said:
“MetaMask Card pilot gives people more freedom to spend their crypto. […] MetaMask Card represents a major step to removing the friction that has traditionally existed between the blockchain and real-world commerce.”
A self-custody payment card
Existing crypto card solutions required users to deposit their assets at the wallets of a trusted third party. As suggested by the adage of “not your keys, not your crypto” users who hold their assets on third-party managed wallets lose control over them. The announcement reads:
“What makes the MetaMask Card unique is that it functions like a debit card. This means cardholders can directly use the crypto in their MetaMask wallet for everyday purchases and maintain control over their funds until the exact moment of payment.”
The card is currently available to a limited group of users in the European Union and the United Kingdom. Users can check if they are eligible in their MetaMask Portfolio, if they see a “Card” tab in the navigation bar on the left side they can sign up for the service. Upon clicking, eligible users will be redirected to the Crypto Life platform for card service onboarding.
