MetaMask (developed by Consensys), Mastercard, and Baanx (which powers the Crypto Life platform) have announced the pilot launch of MetaMask Card, which allows MetaMask wallet users to use their cryptocurrency for everyday purchases in fiat currency (e.g., Euros, Pounds) anywhere Mastercard is accepted.
As revealed in the announcement, the MetaMask Card will first be offered to customers located in the UK and the European Union as part of a “limited pilot of a few thousand digital-only cards”. Later this year, the company intends to expand distribution, launching more trial programs in additional locations over the next several quarters, along with a “full rollout” in the EU and UK.
Boosting Adoption and Removing Barriers to Daily Crypto Spending
The challenge of regularly using their crypto assets outside of the crypto market has always faced those who use cryptocurrency. They would normally have to move their assets to an exchange, convert them to fiat, and then move the money to a regular bank account in order to spend. This procedure has made it difficult for cryptocurrency to become a more widely used means of value exchange.
Similar to a conventional debit card, the MetaMask Card allows users to make purchases straight from their MetaMask wallet, holding onto their crypto assets up to the point of sale. After that, cryptocurrency is quickly converted to fiat and used for online and in-store transactions.
For now, users will only be able to spend their USDC, USDT and wETH cryptocurrencies held on the Linea blockchain.
What the Future Holds; A Step-by-Step Launch
A few thousand people will have the opportunity to apply for a MetaMask Card during the pilot program, which is set to begin in the EU and the UK. The card is integrated with Apple Pay or Google Pay and is ready for use right away. WETH on Linea, USDC, and USDT are among the currencies that are accepted at launch.
MetaMask Card plans on expanding its reach in the future by venturing into other geographical areas. Stay tuned for more updates on MetaMask Card and other exciting crypto updates.
