MetaMask, a popular non-custodial cryptocurrency wallet for the Ethereum blockchain, is currently conducting tests on a novel on-chain payment card in collaboration with Banx. This card will operate using Mastercard’s extensive payments network, aiming to introduce the first fully decentralized web3 payment solution to the market.

The envisaged payment card by MetaMask and Mastercard is designed to allow users to utilize their cryptocurrency holdings for daily transactions at any outlet that accepts card payments. This development aligns with Mastercard’s commitment to the digital asset domain, as the company focuses on innovative products and solutions like the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and new card programs that aim to link web2 and web3 environments.

Enhancing Security and Interactions in the Blockchain Ecosystem

Mastercard introduced a product known as “Crypto Credential” to enhance security and interactions within the blockchain ecosystem. This initiative resulted from collaborations with entities managing prominent blockchains such as Aptos, Avalanche, Polygon, and Solana, targeting the broader adoption of secure blockchain transactions.

Visa, a competitor of Mastercard, has also been enhancing its offerings in the digital asset domain through a partnership with web3 infrastructure firm Transak. This collaboration enables direct crypto withdrawals and payments to Visa debit cards, addressing the challenge of high transaction fees on the Ethereum network.

Partnership with European neobank Revolut

MetaMask has initiated a partnership with the European neobank Revolut to streamline the cryptocurrency acquisition process directly into MetaMask wallets. This collaboration, known as Revolut Ramp, offers MetaMask users in the U.K. and the European Economic Area (EEA) a more straightforward method to add crypto to their self-custody wallets. According to a March 6 blog post by Consensys, the entity behind MetaMask, this new feature supports the purchase of up to 20 different cryptocurrencies and stablecoins directly into MetaMask wallets.

For more news and updates on cryptocurrency innovations, continue to explore Global Crypto News.

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