MetaMask Launches Blockchain-Based Debit Card Developed in Partnership with Mastercard

Author: Krisztian Sandor, CoinDesk; Compiler: Baishui, Golden Finance

MetaMask, a popular self-custodial crypto wallet for the Ethereum (ETH) network, has begun rolling out a blockchain-based debit card developed with payments giant Mastercard (MA) and crypto payments specialist Baanx.

The MetaMask card will initially be available to users in EU countries and the U.K. in a “limited pilot of a few thousand digital cards,” Metamask noted Wednesday. The company plans a wider distribution later this year, with a “full rollout” in the EU and U.K. and additional pilots in other regions in the coming quarters.

The product comes as traditional financial services and blockchain-based digital assets become increasingly intertwined. As global institutions tokenize old-school instruments like bonds and credit, and asset managers begin offering Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds, payments giants are exploring ways to apply blockchain technology to financial rails.

Mastercard has been working with Baanx on its web3 payments initiative, connecting traditional payments with crypto platforms like hardware wallet firm Ledger and decentralized exchange 1inch. Meanwhile, rival Visa (V) has partnered with Circle’s USDC stablecoin and the Solana (SOL) network to speed up cross-border payments.

CoinDesk broke the news in March that MetaMask was working with Mastercard and Baanx to test blockchain-based payment cards.

“We see a significant opportunity to make purchases easier, more secure and more interoperable for self-custodial wallet users,” said Raj Dhamodharan, Executive Vice President of Blockchain and Digital Assets at Mastercard.

“Anyone with a mobile phone should be able to access a range of basic financial services by default,” said Simon Jones, Chief Commercial Officer at Baanx. “This will have a huge impact in countries with large numbers of unbanked or underbanked individuals.”

The card works like a typical debit card but allows purchases to be made directly with digital assets in a Metamask self-custodial wallet. This means users can keep custody of their funds until payment is made.

Users will be able to use USDC, USDT and wETH cryptocurrencies held on the Linea blockchain, an Ethereum Layer 2 network developed by Consensys, the same developers behind MetaMask.

“This gives people more freedom to use their assets; in this case, cryptocurrencies,” said Lorenzo Santos, Senior Product Manager at Consensys.