Source: Cointelegraph
Original: “MetaMask Partners with Mastercard to Launch Self-Custody Crypto Payment Card”
Wallet provider MetaMask is launching a crypto payment card that allows users to utilize self-custodied funds, providing cryptocurrency holders with more ways to use their tokens.
According to company news, the new card is supported by Mastercard and developed in collaboration with CompoSecure and Baanx. The product uses smart contracts to execute real-world (IRL) transactions, processing in under five seconds, and will operate on Ethereum's layer two scaling solution—Linea network.
These companies are positioning the self-custody crypto card as an alternative to address the potential risks associated with centralized exchanges. In February of this year, Bybit, the second-largest crypto exchange by trading volume, suffered a hack that resulted in losses of up to $1.4 billion, raising widespread concerns in the crypto space.
With the card's launch, MetaMask is entering a highly competitive segment of the cryptocurrency market. Major exchanges like Binance, Bybit, Coinbase, and Crypto.com already offer crypto debit cards, some of which provide “crypto cashback” rewards, allowing users to earn digital assets on their spending.
Recently, MetaMask has faced challenges as interest and engagement in the Ethereum ecosystem have declined. According to Dune Analytics, the wallet generated only $289,312 in fees during the week of April 14, a significant drop from $1.3 million during the same period last year.
Payments have become one of the fastest-growing use cases for cryptocurrency by 2025, bringing real-world utility to digital assets.
Luxury brands like Dorsia have begun accepting various cryptocurrencies as payment, while messaging app Signal is reportedly exploring the adoption of Bitcoin for peer-to-peer transactions. Additionally, New York State has proposed a bill aimed at legalizing the use of Bitcoin and other cryptocurrencies for state-level payments.
Related: Payment giant Stripe launches stablecoin product testing, having previously completed the acquisition of Bridge.
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