MetaMask, a Web3 wallet known for allowing users to self-manage their digital assets, has just launched a debit card in partnership with Mastercard and Baanx.

This new MetaMask card allows users in the EU and UK to convert cryptocurrencies directly from their wallets and use them for everyday transactions.

How MetaMask Card bridges traditional finance and self-management

According to the official announcement, the MetaMask card’s beta phase began on August 14. The initial launch is limited to a select group of users in the EU and UK. Interested users can check their eligibility by visiting the MetaMask Portfolio online.

As the testing phase progresses, the program is expected to expand. Additional features and new regions are expected to roll out this year.

The partnership leverages the strengths of each company: Mastercard’s extensive payment network, MetaMask’s focus on user security, and Baanx’s fintech expertise. The MetaMask card will power its transactions via Linea, an Ethereum-based network that MetaMask’s parent company, Consensys, says will ensure speed and efficiency for transactions.

The initiative fits into Mastercard’s broader strategy to connect the traditional financial system with emerging digital technologies. The MetaMask card functions similarly to a traditional debit card, but with the added benefit of self-custody.

This feature allows users to maintain control of their cryptocurrency until the moment of transaction. Furthermore, users can set spending limits and make purchases anywhere Mastercard is accepted.

Lorenzo Santos, Senior Product Manager at Consensys, outlined the impact of this collaboration.

“Mastercard’s extensive presence and strong brand, combined with technology from Crypto Life [Baanx] and MetaMask, will contribute greatly to the bridge between traditional payment systems and true autonomy in asset management,” he said.

This partnership is also an important part of Consensys’ broader vision of empowering individuals and communities with economic and political freedom through decentralized technology. By integrating traditional finance with decentralized solutions, Consensys aims to give users more control and freedom over how they manage their assets.

A gateway to financial inclusion for the unbanked

Simon Jones, Chief Commercial Officer at Baanx, also highlighted the potential impact of MetaMask tokens on financial inclusion. He pointed out that MetaMask tokens could create a huge opportunity to democratize access to financial services.

“This initiative could have a significant impact on areas with large numbers of unbanked or underbanked people by providing basic financial services via mobile devices,” Jones added.

Furthermore, Jones also emphasized the transformative power of new technologies like the MetaMask card, which can fundamentally change the traditional concept of banking.

“In the long term, we see self-custodial wallets […] replacing the role of bank accounts in people’s everyday lives. People can decide for themselves where to hold their assets, but with smart technologies that allow them to spend them in the best, most efficient and most economical way,” Jones shared.

This partnership with MetaMask comes after Mastercard previously partnered with Binance, one of the largest crypto exchanges. In January 2023, Mastercard and Binance launched a prepaid card in Brazil, allowing users to pay with their crypto assets. However, the partnership ended in August 2023 when Binance faced legal challenges from US regulators and its CEO, Changpeng Zhao, resigned.

#tintucbitcoin #Write2Win #MarketDownturn #metamask #Mastercard