MetaMask Tests Blockchain Card with Mastercard

MetaMask, the renowned Ethereum blockchain wallet, is currently testing an innovative payment card. This new venture is in partnership with Banx and leverages Mastercard’s vast payment network. This move could usher in the market’s first fully decentralized web3 payment solution, as reported by CoinDesk through promotional materials and a testing platform.

The payment card aims to bridge daily transactions with cryptocurrency holdings, allowing users to make purchases anywhere card payments are accepted. This initiative aligns with Mastercard’s strategy, unveiled in October, to work with self-custody wallet services like MetaMask and Ledger. The goal is to explore fresh approaches to issuing stablecoins and enabling on-chain transactions.

Mastercard has reiterated its dedication to the digital asset space, pointing to its established track record of transparency and trust. The company highlights its engagement in developing innovative products that connect web2 and web3. Among these initiatives are the Mastercard Multi-Token Network and the Crypto Credential, a tool aimed at enhancing blockchain transaction security through partnerships with leading blockchain networks.

Competing in the Digital Asset Space

Visa, Mastercard’s rival, has also been active in expanding its digital asset offerings. Its collaboration with Transak enables direct crypto payments and withdrawals to Visa debit cards, a significant step towards solving Ethereum’s high transaction fee issues.

MetaMask’s partnership with Revolut is another noteworthy development. This alliance simplifies the process for users in the U.K. and EEA to add cryptocurrencies directly to their wallets. Known as Revolut Ramp, this feature supports buying up to 20 different cryptocurrencies and stablecoins directly into MetaMask wallets, highlighting MetaMask’s commitment to enhancing user experience and security in the crypto space.