Mastercard Expands Support for Non-Custodial Crypto Wallets with New Partnership

• Mastercard partners with Mercuryo to launch a euro-denominated debit card for crypto spending.
• The new card allows users to spend cryptocurrencies directly from self-custodial wallets globally.
• Fees include a 1.60 euro issuance fee, 1 euro monthly, and 0.95% for crypto off-ramping.

Mastercard has partnered with European crypto payments provider Mercuryo to introduce a new euro-denominated debit card. This initiative allows users to spend cryptocurrencies directly from self-custodial wallets at over 100 million merchants worldwide.

The move represents a continued effort by Mastercard to bridge the gap between traditional finance and the rapidly growing crypto market.

Mastercard’s latest partnership builds on its previous efforts to integrate cryptocurrency into its payment network. Following a successful pilot with MetaMask in August, Mastercard is now broadening its support for self-custodial wallets, which allow users to control their private keys and secure their digital assets independently. 

Saying it in plain English, Mastercard has been focused on enhancing the self-ward experience, as said Rau Christian, Mastercard’s SVP of Crypto & Fintech-enablement. ”There are things that have been improving and enhancing the experience of self-custody of the wallet at Mastercard, and I have been partnering with all sorts of stakeholders,” Rau said. 

A new card eliminates the issues that have been present in the previous solution while making it difficult to classify this system as being exclusively based on blockchain or as a part of more conventional payment systems, thereby offering consumer the ability to utilize their assets. 

Mastercard, the leading international payment solutions and technology company, joined the cryptocurrency bandwagon in 2021 when it declared its willingness to trade in cryptocurrencies. 

Since then, Mastercard has connected with some other big fish within the industry like Circle, the issuer of USD Coin and a significant cryptocurrency marketplace, Coinbase. 

These affiliations are in the company’s strategic direction and framework particularly where Mastercard seeks to integrate new technologies in the global economy. 

Raj Dhamodharan, Mastercard’s blockchain and digital asset lead, highlighted the challenges faced by crypto holders when buying and selling through centralized exchanges. By supporting self-custody, Mastercard aims to simplify the process, offering users more control over their digital assets.

While Mastercard’s new Spend card offers increased flexibility for crypto users, it comes with certain costs. The card incurs a 1.60 euro issuance fee and a 1 euro monthly maintenance fee. Additionally, Mercuryo charges a 0.95% fee for off-ramping crypto assets.