MetaMask is testing a Mastercard payment card, which it says is the first fully on-chain card.
It will allow users to spend crypto “on everyday purchases anywhere cards are accepted,” according to marketing materials CoinDesk reviewed.
MetaMask, the popular cryptocurrency wallet for the Ethereum blockchain, is testing a fully on-chain, Mastercard payment card, according to promotional materials and a testing platform seen by CoinDesk.
Such a product would unite two giants in their respective fields. MetaMask is the largest self-custodial wallet with more than 30 million monthly active users, while Mastercard provides the main pipes in the conventional financial system through its credit and debit card network around the world.
The MetaMask/Mastercard payment card is said to be “the first ever truly decentralized Web3 payment solution,” allowing users to spend their crypto “on everyday purchases anywhere cards are accepted,” according to the marketing material.
Mastercard and its rival Visa have been quietly courting public blockchain developer communities and self-managed wallet providers of late. Mastercard has collaborated with hardware wallet company Ledger and MetaMask, CoinDesk reported in October last year.
Visa, meanwhile, has been working with the USDC stablecoin and the Solana blockchain on cross-border payments and ironing out wrinkles like paying Ethereum gas fees.
MetaMask developer Consensys did not immediately respond to a request for comment.
When contacted by CoinDesk, a Mastercard representative pointed to the company’s October statement: “Mastercard is bringing its trusted and transparent approach to the digital asset space through a range of innovative products and solutions – including the Mastercard Multi-Token Network , Crypto Credential, CBDC Partner Program and new card programs connecting Web2 and Web3.”