MetaMask has partnered with Mastercard and Baanx to pilot a new debit card that allows users to make purchases directly from their crypto wallet.
MetaMask has partnered with Mastercard and Baanx to pilot a new debit card that allows users to make purchases directly from their crypto wallet.
The crypto debit card comes as the company navigates a complex regulatory landscape, including an ongoing dispute with the US Securities and Exchange Commission (SEC) over its staking services and Swap feature.
MetaMask-Mastercard’s Crypto Debit Card
The MetaMask Card allows users to spend their crypto assets directly from their MetaMask wallet while retaining custody of their funds, eliminating the need for a bank or third-party service.
Unlike prepaid cards, it functions as a debit card, drawing directly from the user’s cryptocurrency balance. The card is accepted everywhere Mastercard is accepted.
This strategic alliance is the latest example of a growing trend in which financial giants, including Robinhood, PayPal, and Venmo, are expanding their offerings to include cryptocurrency services, catering to the evolving needs of their customer base.
MetaMask has rolled out a limited number of digital-only cards to select users in the EU and UK. The card currently only supports USDC, USDT, and WETH on the Linea network. It also integrates with Apple Pay and Google Pay.
Eligible users can apply for the card through their MetaMask portfolio dashboards.
Lorenzo Santos, senior product manager at Consensys, championed the development, sharing
Consensys said it plans to expand the card’s availability to more regions in the future.
Previous Partnership With Revolut
MetaMask’s collaboration with Mastercard isn’t the first time the firm has partnered with a financial institution.
In March, MetaMask joined forces with Revolut, allowing users to purchase cryptocurrencies directly within the MetaMask using their Revolut accounts.
Much like its partnership with Mastercard, the collaboration looked to make crypto adoption smoother and more user-friendly for millions.
It also helped Revolut position itself as a key player in the crypto ecosystem.
MetaMask Issues With US SEC
Despite MetaMask’s major partnerships, the company remains locked in a legal battle with the SEC.
The regulator has accused MetaMask of offering unregistered securities through its staking services and engaging in broker-dealer activities via its Swap feature.
In response, Consensys, the company behind MetaMask, has requested an expedited trial in Texas.
A source close to the matter told CCN,
Consensys aims to clarify the application of existing securities laws to its operations and the broader crypto industry. It argues that the SEC’s actions are stifling innovation domestically and globally.
In court, a source told CCN that Consensys plans to challenge the SEC’s classification of Ethereum (ETH) as a security and defend MetaMask’s role.