Mastercard has launched a groundbreaking self-custodial Bitcoin debit card called “Spend” in partnership with Mercuryo, a crypto payment company.
This innovative card enables users to make purchases directly with Bitcoin, just like a regular debit card transaction and opens up a vast network of over 100 million merchants who accept Mastercard.
The card is Euro-denominated and allows users to have complete control of their assets through self-custodial wallets, meaning they manage their private keys and funds without relying on banks or exchanges. It is initially available to European users in a pilot stage.
Mastercard’s involvement in numerous cryptocurrency projects is indicative of its dedication to incorporating digital assets into mainstream finance. The company began its journey into the crypto space in 2021 and has partnered with several key players in the industry, including Circle, Coinbase, and Mercuryo.
Additionally, Mastercard’s Web 3 integration strategy has been gaining momentum, with previous partnerships with Web 3 firms like Metamask, Immersive, and Xaman Wallets.
According to Raj Dhamodharan, Mastercard’s blockchain and digital asset lead, the company’s push for self-custody is driven by the complexities of using crypto for everyday transactions with centralized wallets. Mastercard believes that self-custody Web 3 debit cards solve this problem, integrating cryptocurrency into everyday global transactions seamlessly.
The card costs €1.60 to obtain, €1 per month to maintain and incurs a 0.95% fee for withdrawals. However, users can expect freedom, control, and simplicity when using their crypto assets for everyday transactions, eliminating P2P risks and the need to rely on banks for withdrawing funds from crypto.
Mercuryo simplifies the use of cryptocurrencies for everyday payments and offers services that enable users to buy, sell, and spend digital currencies directly from their wallets.
The Spend card allows users to use various types of digital money, such as Bitcoin and is compatible with networks like Ethereum and Solana.
