MetaMask, an electronic wallet provider, will launch a crypto payment card that allows users to spend directly from self-managed funds. This card is supported by Mastercard and developed in collaboration with CompoSecure and Baanx. The card uses smart contracts to perform real-world (IRL) transactions with processing times under 5 seconds, operating on the Linea network, a Layer-2 expansion solution of Ethereum.
This product is introduced as an alternative to risks associated with centralized exchanges. In the context of Bybit, the world's second-largest exchange, being hacked and losing $1.4 billion in February, this has caused significant concerns in the crypto community.
With this card, MetaMask joins a competitive market segment where major exchanges like Binance, Bybit, Coinbase, and Crypto.com have already issued crypto debit cards. Some cards even have "crypto-back" programs that allow users to receive rewards in digital assets when shopping.
However, MetaMask has recently been facing challenges as interest and participation in the Ethereum ecosystem decline. According to Dune Analytics, MetaMask only collected $289,312 in fees during the week of April 14, significantly lower than the $1.3 million from the same period last year.
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The article MetaMask and Mastercard Collaborate to Launch Self-Managed Crypto Card first appeared on CoinMoi.
