London, August 14th, 2024 – Today, MetaMask (developed by Consensys), Mastercard and Baanx (which powers the Crypto Life platform) announced the pilot launch of MetaMask Card, enabling MetaMask wallet users to seamlessly use their cryptocurrency for everyday purchases in fiat currency (e.g., euros, £) anywhere around the world Mastercard is accepted. MetaMask Card allows wallet users the unparalleled convenience of making purchases directly from their self-custodial crypto wallet. The card is launched through a limited pilot of a few thousand digital-only cards, available to users in EU countries and the UK.

Breaking Down Barriers to Everyday Crypto Spending 

Self-custodial wallet users have faced challenges when looking to spend funds outside the crypto world. Typically, they would need to transfer their crypto assets to an exchange, convert them to fiat, and then move those funds to a traditional bank account to then spend. This process has been a roadblock to making crypto more mainstream as a method of value exchange. 

As a part of a new card program from Mastercard to enable seamless connectivity between web2 and web3 ecosystems, MetaMask Card works like a traditional debit card: users can make purchases directly from their MetaMask wallet, while retaining custody of their funds until the moment of the transaction. Crypto is then instantly converted to fiat and available to make purchases online or in-store. Users need to hold their crypto on-chain on the Linea network and use MetaMask to set spending caps for the card. They can store their keys wherever they choose.

The partnership leverages the scale of Mastercard’s network, the security of MetaMask and Baanx’s extensive experience building technology and card programmes, backed by the speed and cost-efficiency of the Linea network running on top of Ethereum. 

The Next Generation of The Internet and The World Economy

MetaMask Card bolsters the continuing mission of Consensys to transform the internet and world economy into one that empowers individuals through interactions based on trust, consent and privacy.

“This gives people more freedom to spend their assets; in this case, crypto,” says Lorenzo Santos, senior product manager at Consensys. “MetaMask Card represents a major step to removing the friction that has existed between the blockchain and traditional payments. This is a paradigm shift that offers the best of both worlds.”

“Mastercard’s position at the center of commerce affords us a unique vantage point to identify real-world challenges and opportunities to solve for them,” said Raj Dhamodharan, executive vice president, Blockchain & Digital Assets at Mastercard. “We saw a significant opportunity to make purchases for self-custody wallet users easier, more secure, and interoperable. Collaboration is the cornerstone of innovation, and we’re thrilled to collaborate with MetaMask and Baanx to transform the self-custody wallet experience, bridging the gap between web2 and web3 domains more seamlessly.” 

 “We’re building toward this vision of enabling non-custodial neobanking,” says Simon Jones, chief commercial officer for crypto payments company Baanx which is working with Mastercard on the Web3 card initiative. “Anybody who has access to a mobile phone should be able to get access to a basic range of financial services by default. This would have huge implications in countries with large numbers of unbanked or underbanked individuals.”

A Phased Launch Across Different Regions of The World

The card is initially being launched through a limited pilot of a few thousand digital-only cards, available to users in EU countries and the UK. These wallet users will be able to register for a digital card on MetaMask Portfolio and set it up as a payment method on their mobile device. The card and connected technology make it possible to spend USDC, USDT, and WETH using the Linea network on everyday purchases. MetaMask users can see if they’re eligible for MetaMask Card by visiting MetaMask Portfolio in a web browser and looking for a “Card” tab in the menu.

In the coming months, more features and functionality will be added to MetaMask Card. The card is expected to become more widely available later this year, starting with a full rollout in the EU and the UK and a pilot launch in additional regions over the coming quarters. Users who want to be notified when they may be eligible for MetaMask Card can register for the waitlist via this form.

Media Contact:

Consensys: [email protected] 

Mastercard – Biz Cozine: [email protected] 

Baanx: [email protected]

About Consensys 

Consensys is the leading blockchain and web3 software company. Since 2014, Consensys has been at the forefront of innovation, pioneering technological developments within the web3 ecosystem. Through our product suite, including the MetaMask platform, Infura, Linea, Diligence, and Phosphor, we have become the trusted collaborator for users, creators, and developers on their path to build and belong in the world they want to see. Whether building a dapp, an NFT collection, a portfolio, or a better future, the instinct to build is universal. Consensys inspires and champions the builder instinct in everyone by making web3 universally easy to use and develop on. To explore our products and solutions, visit https://consensys.io/.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

About Baanx ($BXX)
Baanx is a leading crypto payments and B2B2C digital asset services provider whose portfolio includes major crypto card programmes including CL Card and 1inch Card. This full suite of services offers users full control over their assets. Using the CL Card, users are able to securely spend crypto assets globally with over 90 million merchants. By collaborating with those at the forefront of the emerging financial technology industry (such as Ledger, 1inch, and Mastercard) Baanx is able to elevate their customer experience through innovation.

Baanx.com Ltd is one of the first companies to receive approval from the UK Financial Conduct Authority (FCA), operating Fintech payment services which utilise an Electronic Money Institution (EMI) license UK & EU/EEA and a Credit Broking License (UK). Join us in shaping the future of Trustless Banking as a Service (BaaS). https://baanx.com/