The well-known crypto wallet MetaMask is taking a new step towards daily payment transactions. The crypto payment card it developed together with Mastercard is now being rolled out in the United States. The card was previously tested successfully, including in Europe. Now almost all Americans can use it.
The MetaMask Card has now been rolled out in 49 states in the United States. The card was developed by parent company Consensys, in collaboration with payment giant Mastercard.
Wherever Mastercard is accepted, users can use this card to pay with crypto. That is more than 150 million stores and web shops worldwide.
The card works simply. You pay with cryptos, such as Bitcoin (BTC) or Ethereum (ETH), from your MetaMask wallet. The moment you pay, your crypto is immediately converted into dollars. The store simply receives dollars via Mastercard.
According to a Consensys spokesperson who spoke to Cointelegraph, this is an important milestone. “This is the first time MetaMask Card is available in 49 states, and the first time users in New York can access it.”
The card was previously tested in the European Union and the United Kingdom and later in a limited pilot in the US. Tens of thousands of users used the card for everyday purchases. From a cup of coffee to larger expenses.
Gal Eldar, product leader at MetaMask, spoke to CoinDesk and said: “We designed the MetaMask Card to make crypto disappear. Not to take it away, but to weave it so seamlessly into everyday life that it completely blurs the line between on-chain and off-chain.”
The card is issued by Cross River Bank, a bank insured by the Federal Deposit Insurance Corporation. This is an American institution that protects deposits at banks. The issuance is in collaboration with the regulated company Monavate.
Fully self-managed until payment
There are now several crypto payment cards on the market. Major platforms such as Coinbase and Crypto.com have been offering a card via Visa or Mastercard for years.
However, these cards work differently than Metamask’s. There, users must first deposit their crypto into an account with an exchange or card issuer. MetaMask consciously chooses a different approach.
What makes this card special is that it is completely self-custodial. This means that users manage their crypto themselves in their wallet. The money remains in the MetaMask wallet until someone actually pays.
To use the card, users must first identify themselves and comply with checks regarding anti-money laundering legislation. By default, users receive a free virtual card. This can be directly linked to Apple Pay and Google Pay. This way, people can pay with their phone in stores or online.
There is also the so-called MetaMask Metal Card. This physical card costs $199 per year. Users receive three percent cashback on the first $10,000 they spend annually. The card also charges no costs for payments abroad and the spending and ATM limits are higher.
Source: https://newsbit.nl/metamask-lanceert-unieke-crypto-betaalkaart-in-samenwerking-met-mastercard/
