MetaMask, a popular decentralized finance wallet, has partnered with Mastercard and Baanx to launch a self-custody debit card pilot program for users in the UK and the European Union.
Project Overview
The card allows users to self-custody their funds until the transaction is processed. Afterwards, the digital assets are converted into fiat for payment at retail outlets, online shopping outlets, and other merchants.
Technical Details
According to Consensys senior product manager Lorenzo Santos, users need to hold their crypto on the Linea network and use it to set spending limits on the card. When a MetaMask card is used, an on-chain transaction is created, sending tokens from the user’s wallet to the Crypto Life smart contract.
Future Plans
The pilot program plans to roll out the product to other regions. The conversion from crypto to fiat is handled by the smart contract, and the payment is finalized over the Mastercard payment network.
The pilot program demonstrates new uses for self-custody wallets and their integration with traditional financial systems.
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