MetaMask has announced a partnership with Mastercard and Baanx to introduce a debit card that allows users to spend cryptocurrency directly from their wallets.
This card — which is currently available in a digital-only format — is initially being offered to a select group of users in the European Union and the United Kingdom.
The new card enables users to spend cryptocurrencies — USDC, USDT, and WETH — at any location that accepts Mastercard. This eliminates the need for users to transfer their digital assets to exchanges or convert them to fiat currency before making purchases.
“This gives people more freedom to spend their assets; in this case, crypto,” said Lorenzo Santos, Product Manager at Consensys.
Baanx Group, which provides the underlying technology and infrastructure, ensures that all transactions are secure, fast, and compliant with regulatory standards. Simon Jones, CCO at Baanx, described the partnership as “enabling non-custodial neobanking with basic financial services.”
According to a post on X (Twitter), MetaMask plans to expand the card’s functionality and availability in the coming months, allowing more users to take advantage of the new service.
MetaMask’s move into the debit card space follows similar initiatives by other companies in the crypto industry.
For instance, in April, 1inch, a decentralized exchange aggregator, partnered with Mastercard and Baanx to launch a crypto debit card that facilitates cryptocurrency-to-fiat conversions, enabling users to withdraw cash and make purchases at ATMs and other locations.
Other companies have also made strides in integrating cryptocurrency with traditional financial services. In 2022, hi launched the world’s first NFT-customizable debit card powered by Mastercard.
Additionally, in June, MoonPay and PayPal collaborated to expand cryptocurrency purchases across the UK, Europe, and the US, giving users the ability to buy over 100 cryptocurrencies through PayPal.
