Mastercard has announced a new venture with European crypto payments provider Mercuryo to launch a euro-denominated debit card. The card will enable users to spend cryptocurrencies such as Bitcoin directly from self-custodial wallets.
New Card for Global Use
According to a market observer’s X post on Thursday, the new service will enable its cardholders to use their cryptocurrency with over 100 million merchants who accept Mastercard worldwide. The card thus marks another advance in the integration of cryptocurrency into financial systems.
Unlike traditional crypto cards, which require users to convert their crypto into fiat through centralized exchanges, this card allows direct spending from self-custodial wallets. Customers can thus retain full control and ownership of their digital assets, aligning with Mastercard’s broader push to support decentralized finance.
Promoting Seamless Integration
Christian Rau, Mastercard’s Senior Vice President for Crypto and Fintech Enablement, has noted that the aim is to create a seamless integration between the blockchain world and traditional financial systems while providing security and comfort to consumers.
The card has some associated fees, including a €1.6 issuance fee, a €1 monthly maintenance fee, and a 0.95% fee for converting crypto to fiat during transactions. Despite these costs, the card offers convenience for individuals who prefer storing their coins in decentralized wallets without intermediaries.
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This launch comes after Mastercard collaborated with MetaMask in 2023 to enable cryptocurrency transactions. Mastercard has the potential to bridge traditional finance and decentralized assets.
By positioning itself as a leader in crypto adoption, Mastercard enhances digital currencies’ real-world utility. As DeFi continues to grow and more consumers embrace cryptocurrencies as part of their daily lives, this new partnership between Mastercard and Mercuryo could bring crypto further into the mass adoption stage.
