This multi-chain card aims to streamline off-rails transactions and is set to be integrated into Solana wallets industry-wide.
Mercuryo, a Web3 payments provider, has launched Spend, a virtual debit card designed to simplify crypto payments. Compatible with Apple Pay and Google Pay, Spend enables transactions directly from Solana wallets to over 90 million Mastercard merchants worldwide.
What is Spend?
Spend allows wallet apps to integrate virtual Mastercard debit cards. This feature empowers the crypto community to use their digital assets for purchases anytime, anywhere.
Spend aims to offer a quick and affordable way for crypto users to convert and use their digital assets directly from their wallets. In addition to the straightforward integration with Mastercard, Apple Pay, and Google Pay, Spend allows for card customization, enabling wallet providers to add their logos to virtual cards.
Spend is entirely self-custodial, giving users complete control over any assets in their card accounts. The platform also supports multiple blockchains, including Solana, Ethereum, and PolkaDot.
Mercuryo announced that several major Web3 wallets will soon incorporate Spend. SolanaFloor reached out to Mercuryo for further comments but has not yet received a response.
Why Web3 Needs Better Off-Ramps
Since the industry’s inception, crypto companies have worked hard to simplify the process of moving funds into decentralized economies. Mercuryo states that “on-ramping” has become user-friendly, allowing users to buy crypto easily.
However, while onboarding has become more accessible with the help of exchanges and third-party apps, converting crypto back into traditional currency remains challenging. Mercuryo highlights that the main difficulties in crypto off-ramping are:
Poor User Experience: Users face numerous challenges when trying to withdraw funds. Many platforms are region-specific, and popular offboarding services often only support mainstream cryptocurrencies.
Bank Limitations: Traditional banks frequently block payments from crypto-related companies and freeze accounts suspected of dealing with cryptocurrency.
High Fees: Third-party apps and intermediaries often impose high fees on crypto-to-fiat withdrawals, discouraging users from transferring their funds.
Slow Processing: Compared to the fast, permissionless on-chain transfers, crypto-to-fiat withdrawals can be slow and cumbersome.
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