- MetaMask has unveiled a debit card product.
- The card promises to unlock seamless self-custody crypto payments on a level not experienced before.
- The card will have a phased release.
Over the past few months, MetaMask, the popular Ethereum wallet, has worked to bring users as much utility as possible, rolling out features like pooled Ethereum staking, an airdrop eligibility checker, and Revolut Ramp to facilitate instant crypto buys.
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In the latest instance, MetaMask has unveiled a card that promises to facilitate self-custody crypto payments like never before.
MetaMask Card
MetaMask looks set to revolutionize crypto payments. On Wednesday, August 14, the prominent crypto wallet introduced MetaMask Card, a Mastercard debit card that facilitates instant payments for users directly from their self-custodial wallet wherever Mastercard is accepted.
While crypto debit cards are nothing new, MetaMask explains that its card, produced in partnership with Mastercard and Baanx Group, allows users to make payments without transferring their crypto holdings to a third party, as with most other solutions. With the MetaMask Card, users’ crypto holdings are immediately converted to fiat at the point of payment.
"This means card holders can directly use the crypto in their MetaMask wallet for everyday purchases and maintain control over their funds until the exact moment of payment," MetaMask stressed.
MetaMask asserted that the card offered a fast, secure, and cost-effective crypto spending experience by leveraging Mastercard’s global merchant network, MetaMask’s security, and the efficiency of Linea, the Ethereum Layer 2 built by MetaMask’s parent company, ConsenSys.
MetaMask disclosed that the card will support integrations with Apple Pay and Google Pay, with eligible currencies at launch, including USDC, USDT, and WETH. These assets must, however, be held on Linea.
The MetaMask Card has sparked significant excitement. Crypto community members have tipped it as a boon for crypto adoption, facilitating crypto spending and payments without requiring users to hand over custody of their assets or require the merchant to accept crypto.
How to Get the MetaMask Card
MetaMask disclosed that the MetaMask Card will have “a phased launch,” with the pilot limited to “a few thousand users” in the EU and the UK. The wallet service noted that users can check if they are eligible by going to MetaMask Portfolio and checking for the “Card” tab.
Eligible users who want to sign up for the card must create a MetaMask Card account with Crypto Life, a platform Baanx Group supports. To set up this account, users must submit personal details such as their email and phone number and verify their identity in a Know Your Customer (KYC) process. Once this account is set up, users can bridge funds to Linea and set a spending limit for the card.
MetaMask urged users who are not yet eligible to join a waitlist by filling out a form requiring only their email and country of residence to get notified when they become eligible.
On the Flipside
- It is unclear when the MetaMask Card will be available globally.
- Debit cards usually attract fees, but it remains to be seen how high or low the MetaMask Card fees will be.
Why This Matters
For most crypto users, using crypto assets outside the crypto ecosystem has often proved impractical and cumbersome, requiring transfers to an exchange and the sale of assets to fund a bank account. MetaMask’s debit card promises to make this hassle a thing of the past.
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