MetaMask, a leading self-custodial crypto wallet, is launching a new payment card backed by Mastercard, allowing users to spend their cryptocurrency directly from their wallets. The metal card is a collaboration with CompoSecure and Baanx, offering an alternative to using centralized exchanges for everyday transactions.
The key differentiator of the MetaMask card is its ability to process crypto payments in under five seconds using smart contracts on the Linea network, an Ethereum layer-2 scaling solution. This provides users with faster and more cost-effective transactions.
The announcement highlights the card’s potential to offer enhanced security for cryptocurrency holders, particularly in light of recent exchange hacks like the Bybit incident, where $1.4 billion was lost.
This move positions MetaMask in direct competition with major players like Binance, Coinbase, Crypto.com, and Bybit, all of whom offer their own crypto debit cards, some with crypto rewards programs.
MetaMask’s entry into the crypto payments space comes at a time when Ethereum’s growth has slowed. Data from Dune Analytics indicates that MetaMask generated only $289,312 in fees during the week of April 14th, a significant decrease compared to the $1.3 million earned during the same period in 2018.
Despite this, the adoption of crypto payments continues to rise. Businesses like Dorsia are integrating crypto payments, Signal is considering Bitcoin for peer-to-peer transactions, and New York is exploring legislation to legalize crypto for state transactions.
By launching its own payment card, MetaMask is tapping into the growing popularity of crypto payments, providing users with a secure and decentralized way to spend their digital assets without relying on intermediaries.
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