MetaMask, a popular non-custodial cryptocurrency wallet for the Ethereum blockchain, is currently testing a new on-chain payment card.
Developed in partnership with Banx, the card works using Mastercard’s extensive payments network. According to a CoinDesk report citing promotional documents and a test platform, the goal of the initiative is to introduce the first fully decentralized web3 payment solution to the market.
The payment card envisioned by MetaMask and Mastercard is designed to allow users to utilize their cryptocurrency reserves for daily transactions at any store that accepts card payments. This development is consistent with what Mastercard announced in October. Mastercard has expressed interest in partnering with self-custodial wallet providers such as MetaMask and Ledger to explore new ways to issue stablecoins and facilitate on-chain payments.
When asked for comment, a Mastercard spokesperson referred back to the company’s October statement, emphasizing Mastercard’s commitment to the digital asset space. “Mastercard is bringing a trusted and transparent approach to the digital asset space,” the statement said, explaining that the company is focused on “innovative products and solutions.” These include the Mastercard multi-token network, crypto credentials, CBDC partner program and a new card program that aims to bridge web2 and web3 environments.
Previously, Mastercard launched a product called “Crypto Credential” to enhance security and interaction within the blockchain ecosystem. This initiative is the result of collaboration with leading blockchain governing bodies including Aptos, Avalanche, Polygon, and Solana, aiming at widespread adoption of secure blockchain transactions.
At the same time, Mastercard’s rival Visa has been strengthening its offerings in the digital asset space, particularly through its partnership with web3 infrastructure company Transak. This collaboration solves the problem of high transaction fees on the Ethereum network by allowing users to withdraw cryptocurrency directly and pay with Visa debit cards.
Against this backdrop, MetaMask has launched a partnership with European neobank Revolut to streamline the cryptocurrency acquisition process directly into the MetaMask wallet. Known as Revolut Ramp, the collaboration provides MetaMask users in the UK and the European Economic Area (EEA) with a simpler way to add cryptocurrencies to their self-custodial wallets. According to a March 6 blog post from Consensys, the entity behind MetaMask, this new feature will allow you to purchase up to 20 different cryptocurrencies and stablecoins directly into your MetaMask wallet.