Mastercard is revolutionizing the way we use cryptocurrencies with its new euro-denominated debit card. This innovative card allows users to spend cryptocurrencies stored in self-custodial wallets at over 100 million Mastercard merchants worldwide.
In partnership with European crypto payments provider Mercuryo, Mastercard’s new card lets users spend cryptocurrencies like Bitcoin directly from their non-custodial wallets, eliminating the need to first transfer funds to a centralized exchange.
This launch builds on Mastercard’s earlier efforts in the crypto space. In August, the company piloted a program with MetaMask, a major self-custodial wallet, and in May, it introduced the “Mastercard Crypto Credential,” allowing users to send and receive crypto using aliases.
Christian Rau, Mastercard’s senior vice president of crypto and fintech enablement, stated that the partnership with Mercuryo aims to break down barriers between blockchain and traditional payments. “We’re offering consumers an easy, reliable, and secure way to spend their digital assets anywhere Mastercard is accepted,” Rau said.
Raj Dhamodharan, Mastercard’s blockchain lead, added that this new card addresses the complexities of using centralized exchanges. The card provides an alternative for those who prefer to maintain direct control of their assets.
While the card facilitates crypto spending, it comes with some fees: €1.6 for issuance, €1 per month for maintenance, and a 0.95% fee for converting crypto to fiat. These fees reflect the costs of connecting self-custodial wallets with traditional payment networks.
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