Mastercard, MetaMask and Baanx present crypto debit card

On Wednesday, MetaMask (developed by Consensys), Mastercard and Baanx (the operator of the Crypto Life platform) announced the launch of the new MetaMask Card, which aims to promote crypto adoption.

With the new MetaMask Card, users of the MetaMask wallet will be able to use their crypto in the future for everyday purchases in fiat currencies such as the euro, and thus store anywhere Mastercard is accepted.

Initially, the new "crypto-Mastercard" is being launched as part of a pilot project within the European Union and the United Kingdom. A condition of use is that users must keep their crypto on the Linea network and use MetaMask to transfer money to the card. Nevertheless, they can continue to manage their private keys themselves.

"The close collaboration between Mastercard and commerce allows us to quickly identify real-world challenges and provide new solutions," said Raj Dhamodharan, Executive Vice President, Blockchain & Digital Assets at Mastercard.

He added, "We are very pleased to partner with MetaMask and Baanx to transform the experience with Self-Custody wallets, bridge the gap between the Web2 and Web3 worlds and enable seamless interaction." Like a regular debit card, users can make purchases directly from the MetaMask wallet and hold their money until the time of the transaction. The crypto is then immediately converted into fiat for payments.

The partnership builds on the scale of Mastercard's established network, MetaMask's security and Baanx's extensive experience in developing technology and card programs.