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MetaMask, the popular crypto wallet developed by blockchain software company Consensys, has launched a new payment card service in the US. The company announced that the card was launched in collaboration with global payments giant Mastercard.
In its announcement, Consensys emphasized that the MetaMask Card differs from traditional crypto cards.
While most crypto cards are custodial, requiring users to transfer their assets to an exchange account before making a purchase, the MetaMask Card is described as completely self-custodial. This means users will retain control of their digital assets in their MetaMask wallets until the payment is made.
The card offered in the US, like the versions in the UK and the European Union, operates on the Monavate (formerly Baanx) infrastructure. It can be used at all merchants that accept Mastercard and also offers Apple Pay and Google Pay compatibility.
Cardholders will be able to earn cashback on their spending. Rewards will be distributed in MetaMask’s stablecoin, mUSD. Standard users will receive 1% cashback, while premium users can earn up to 3% on their first $10,000 of annual spending.
mUSD is issued by Stripe’s Bridge platform and minted on the decentralized M0 infrastructure. The stablecoin is reportedly backed one-to-one by highly liquid dollar assets. Demand for crypto-based payment cards has also been rapidly increasing recently.
*This is not investment advice.
u.today
coindesk.com
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