March 15, 2024
By Anjali Kochhar
MetaMask, the popular Ethereum cryptocurrency wallet is presently testing an innovative payment card powered solely by blockchain technology and integrated with Mastercard’s extensive network. According to promotional materials reviewed by CoinDesk, the card issued by Baanx intends to transform how users interact with cryptocurrencies by allowing them to make everyday purchases in the same manner that standard debit or credit cards do.
This partnership brings together two giants in their respective industries. MetaMask boasts over 30 million monthly active users making it the largest self-custody wallet in the crypto sphere, while Mastercard is renowned for its extensive credit and debit card network, utilised globally within the conventional financial system.
The proposed MetaMask/Mastercard payment card is being hailed as the “first ever truly decentralised web3 payment solution.” It empowers users to utilise their cryptocurrency holdings for daily transactions that seamlessly integrating into existing payment infrastructure and accepted wherever conventional cards are used.
Both Mastercard and its competitor Visa have been actively engaging with public blockchain developer communities and self-custody wallet providers in recent times. Last year the Mastercard was reported to be collaborating with MetaMask as well as hardware wallet firm Ledger indicating a strategic move towards embracing the burgeoning crypto landscape. Visa on the other hand has been exploring partnerships with blockchain projects like the USDC stablecoin and the Solana blockchain, with a focus on enhancing cross-border payments and addressing challenges such as Ethereum gas fees.
Despite efforts to reach out for comment the MetaMask developer Consensys did not respond to inquiries from CoinDesk. However, a representative from Mastercard referred back to the firm’s statement issued in October, emphasising their commitment to innovation in the digital assets space. This commitment includes the development of various innovative products and solutions, such as the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and new card programs aimed at bridging the gap between Web2 and Web3 technologies.
The collaboration between MetaMask and Mastercard facilitated by Baanx represents a significant step towards mainstream adoption of cryptocurrencies. By leveraging Mastercard’s extensive network and MetaMask’s user-friendly interface, the payment card promises to provide a seamless bridge between traditional finance and the decentralised world of cryptocurrencies.
As the cryptocurrency ecosystem evolves, partnerships like this show that blockchain technology is becoming more widely accepted and integrated into ordinary financial activities. With MetaMask leading the way in self-custody wallets and Mastercard driving payment innovation. Thus, the future seems bright for customers looking to use their digital assets for real-world purchases.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
