- Mastercard partners with Mercuryo to launch a self-custodial euro-dominated crypto debit card.
- The partnership aims to eliminate barriers between blockchain and traditional systems.
- A MasterCard spokesperson noted that majority of crypto holders avoid CEX due to the complexities.
Mastercard has expanded its support for cryptocurrency by partnering with Mercuryo, a European crypto payments infrastructure provider, to launch a euro-denominated crypto debit card.
This new card allows users to spend cryptocurrencies like Bitcoin directly from their self-custodial wallets at over 100M merchants worldwide who accept Mastercard.
Self-custodial wallets give users complete control over their digital assets without relying on a bank or exchange. This differs from custodial wallets, where a provider has the private keys.
Mastercard aims to eliminate barriers between blockchain and traditional payment systems, offering a secure and reliable way for users to spend their crypto assets.
Mastercard’s involvement in cryptocurrency has been growing since it announced support for crypto on its network in 2021. The company has since partnered with stablecoin provider Circle and crypto exchange Coinbase.
Raj Dhamodharan, Mastercard’s Blockchain, and Digital Asset Lead, noted that many crypto holders avoid using centralized exchanges (CEX) due to the complexities involved.
Mastercard’s Crypto Debit Card Streamlines Spending And Adoption
Traditional methods often require users to move assets from their self-custodial wallets to an exchange, convert them to fiat currency, and transfer them to a bank account. This process limits the use of crypto for everyday purchases.
Moreover, the new Mastercard debit card simplifies this by allowing users to spend their crypto directly, thereby expanding the purchasing power of stored digital assets.
The card comes with a €1.6 issuance fee, a €1 monthly maintenance fee, and a 0.95% off-ramp fee charged by Mercuryo. Despite these costs, the card represents a significant step toward mainstream crypto adoption.
Even though supporting non-custodial wallets, Mastercard is bridging traditional finance with the decentralized world of crypto, enhancing financial freedom and accessibility for users.
Therefore, this development is expected to drive greater adoption of self-custodial wallets and increase the practical use of cryptocurrencies in everyday transactions.
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