MetaMask, the popular cryptocurrency wallet, has taken a significant step towards mainstream adoption with the launch of its Ethereum-centric crypto card. In partnership with British fintech firm Baanx and Mastercard, MetaMask is rolling out a pilot-program that allows users to seamlessly convert and spend their digital assets at millions of Mastercard-accepting merchants worldwide. The card, which is currently in a limited pilot phase accessible to a few thousand users in Europe and the UK, offers a new level of convenience for cryptocurrency holders.
Seamless payment process
In collaboration with British Financial Technology Firm, Baanx and Mastercard, MetaMask has launched a pilot program for its new blockchain-based debit card. Just like a typical debit card, the only difference being that you are making the purchase directly the digital asset in your MetaMask wallet. This means that users would retain custody of their funds until the moment of payment.
As of now, the card is compatible with stablecoins USDT and USDC, as well as wrapped Ethereum (WETH) held on the Linea blockchain. MetaMask card aims to connect Web2 and Web3 ecosystems. By stacking the security of MetaMask with the efficiency of Linea, this provides a swifter, more cost effective, and secure spending experience for its users.
This is roughly how the transaction would be processed from start to finish: When a MetaMask card is swiped, an onchain transaction is created, sending tokens from user's wallet to the "Crypto Life" smart contract. This allows the transaction to be authorized by the point of sale system used by the merchant accepting the card, and the conversion from crypto to fiat is handled by this smart contact.Finally, the payment is finalized over Mastercard's payment network. The MetaMask Card is also now available in both Apple Pay and Google Pay, so anyone with a mobile phone would also get access to the basic range of financial services by default. This would be a huge implication in countries with large numbers of unbanked and underbanked individuals.
Smoothening the rough edges
While this card promises great crypto usability, there are also issues that might affect the card's usability. For a starter, the card does not support all cryptos in the MetaMask wallet. The crypto has to be held on the Linea blockchain, which isn't exactly the most popular blockchain platform out there. Thus users would have to go an extra mile to transfer their coins into Linea, which would require additional time and effort.
Secondly, this pilot is only operational for a few thousands in Europe and the UK. The lack of availability in the US and Asia might be due to regulatory reasons.
We also have to put into question the type of conversion rate the card is using, because that is still unclear at this point. This is a very critical question, given that the tokens will be converted from WETH to Euros or Sterling. Given that there are also other platforms such as the Wise Currency payment app that might be offering a similar service but with a better conversion rate. That also might pose a danger to the future of the MetaMask card.
Plan For Global expansion
As the cryptocurrency industry continues to evolve, the MetaMask card is a notable step forward. Its potential to simplify crypto spending and expand user base is significant. However, overcoming limitations and addressing user concerns will be crucial for its widespread adoption.
In the future, the company plans to make the card available in more locations, with worldwide aspirations. The card aims to speed up the general acceptance of cryptocurrencies by providing a convenient and easy-to-use solution for everyday purchasing as it becomes more available.
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