New York, NY, Tuesday, March 26, 2024-MetaMask, the leading self-custody cryptocurrency wallet, is testing the first entirely on-chain payment card in collaboration with global payments giant Mastercard, a report by Coindesk said. 1
Issued by Baanx, the card would allow users to spend their cryptocurrencies “on everyday purchases, everywhere cards are accepted.”
MetaMask, boasting over 30 million monthly active users, stands as the largest self-custody wallet, while Mastercard plays a vital role in the traditional financial system with its extensive global credit and debit card network.
This initiative signifies a potential turning point for cryptocurrency adoption. The MetaMask/Mastercard payment card, if successful, could significantly simplify the process of using crypto for in-store transactions.
Specific details regarding the card’s launch date, participating countries, and technical specifications remain undisclosed. However, the announcement highlights a growing trend of collaboration between traditional financial institutions and the cryptocurrency industry.
Both Mastercard and its rival, Visa, have been actively exploring ways to integrate blockchain technology into their existing payment networks in recent times.
Analysts say that the success of this pilot program could pave the way for wider adoption of blockchain-powered payment solutions in the future.
Notably, this development comes after Mastercard previously ended a different crypto card partnership with Binance in July 2023.
