MetaMask and Mastercard have started testing the first blockchain payment card

12.03.2024 - 09:50

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3 min

Last updated on Aug 5, 2024

What’s new? The developers of the non-custodial crypto wallet MetaMask, in partnership with Mastercard, have begun testing the first blockchain-based payment card released by the crypto payment platform Baanx. According to a press release, the card will be “the first ever truly decentralized Web 3.0 payment solution,” allowing users to spend their crypto “on everyday purchases, everywhere cards are accepted.”

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What else is known? MetaMask for the Ethereum blockchain is the largest non-custodial wallet, with over 30 million monthly active users. Back in September last year, payment platform PayPal added the ability to convert cryptocurrencies to fiat using MetaMask, and in March this year, online bank Revolut allowed MetaMask customers to buy cryptocurrency with fiat.

Mastercard announced plans to collaborate with MetaMask in October last year. At the time, the company said it would allow MetaMask to increase the number of active users and revenue sources by issuing its own Mastercard payment cards, which can be used to directly make purchases from crypto accounts without additional fiat conversion operations.

Mastercard said it is “bringing its trusted and transparent approach to the digital assets space through a range of innovative products and solutions,” including the Multi Token Network, the Crypto Credential system for blockchain transaction verification and regulatory compliance, and card issuance programs to bridge Web 2.0 and Web 3.0.

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Founded in 2018, UK-based payment platform Baanx is partly owned by blockchain developer Tezos. In early March, Baanx raised $20 million in a Series A funding round led by Tezos, Chiron, and British Business Bank. Hardware crypto wallet developer Ledger also participated in the round.

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