By
Godfrey Benjamin
April 26th, 2024
The MetaMask-backed card will allow users to spend their digital assets seamlessly anywhere that Mastercard services are accepted.
In a bid to enable seamless adoption of Web3 protocols and digital assets, Consensys-backed and Ethereum-based Web3 wallet MetaMask intends to launch a Mastercard-enabled on-chain payment card. The MetaMask-backed on-chain payment card will be issued by a financial technology platform Baanx Group Ltd., which recently closed its series A funding round with $20 million.
Worth noting that Baanx is a London-based payments specialist that is authorized by the United Kingdom’s Financial Conduct Authority (FCA). As a result, the MetaMask-backed on-chain payment card will be largely regulated to ensure sustainable future growth prospects.
Furthermore, different companies are working on various payment products that will enable transparency in the Web3 and digital assets space.
“Mastercard is bringing its trusted and transparent approach to the digital assets space through a range of innovative products and solutions – including the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and new card programs that connect Web2 and Web3,” Mastercard representative noted.
Currently, the MetaMask-backed on-chain payment card is in the testing phase, with the official launch date yet to be released. According to MetaMask, the upcoming payment card will be the first ever truly decentralized Web3 payment solution that allows users to spend their digital assets on everyday purchases in all outlets that Mastercard is accepted.
MetaMask and the Web3 Space
MetaMask has grown over the years to be an integral component of the Ethereum (ETH) ecosystem and the entire web3 space. As of this writing, MetaMask has over 30 million active monthly users since it is connected virtually to almost all web3 platforms.
Notably, MetaMask offers different services including deep liquidity in crypto swapping and asset bridging capabilities to different Ethereum Virtual Machines (EVM).
However, the company has in the past focused on the existing cryptocurrency users by providing a secure self-custodial platform.
As Coinspeaker previously reported, MetaMask has been working on expanding its services to global markets amid the mainstream adoption of digital assets and Web3 platforms. For instance, MetaMask recently partnered with Robinhood Markets Inc (NASDAQ: HOOD) to facilitate seamless crypto transactions.
Recently, Revolut announced a strategic partnership with MetaMask to enable users to purchase crypto assets directly.
Mastercard Evolves with Crypto Market
The palpable growth in the cryptocurrency market to a trillion-dollar sector has significantly influenced Web2-based financial institutions. Mastercard has been working with different web3-focused companies like Ledger and MetaMask to ensure it gains a competitive edge.
Furthermore, Visa Inc (NYSE: V) has also been moving in the same direction by inking strategic partnerships with Web3 companies over the past few years. The favoring regulatory frameworks introduced in various global jurisdictions in the past few years have significantly influenced the interactions between Web3 and Web2 companies.
