MetaMask, a leading self-custodial wallet, has introduced the MetaMask Card for cryptocurrency transactions.
A New Way to Use Crypto in Daily Life
The MetaMask Card, developed in collaboration with Mastercard and Baanx, allows users to spend crypto directly from their MetaMask wallet without converting it to fiat currency through centralized exchanges. The card links to the Mastercard network, which operates in over 210 countries and territories, and is currently in the pilot phase in the U.S., UK, EU, Brazil, Mexico, Switzerland, and Colombia.
How the MetaMask Card Works
To start using the MetaMask Card, users must undergo a Know Your Customer (KYC) verification and link the card to their MetaMask wallet. The card operates on Linea, an Ethereum scaling solution designed for faster and cheaper transactions. It is recommended to use a separate hardware wallet for added security. Users can also set spending limits, giving them control over the accessible balance for each transaction.
Significance and Security of the MetaMask Card
The MetaMask Card eliminates the need for complex off-ramping through exchanges, providing users the ability to directly spend cryptocurrency. Security measures include using a dedicated wallet and enabling two-factor authentication for managing the card. According to Baanx's Chief Commercial Officer, Simon Jones, it is 'a step toward non-custodial neobanking'.
The MetaMask Card integrates cryptocurrency into everyday life, offering users confidence and convenience in their transactions.
