Mastercard Partners to Enable Non-Custodial Crypto Spending

September 05, 2024 11:55 PM AEST | By Team Kalkine Media

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Mastercard Partners to Enable Non-Custodial Crypto Spending — Image source: Shutterstock

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Mastercard has announced a new partnership with Mercuryo to launch a euro-denominated crypto debit card, marking a significant step in integrating cryptocurrency with traditional financial systems. This collaboration follows a recent pilot with the MetaMask wallet, aiming to enhance the accessibility of self-custodial cryptocurrency solutions.

The newly introduced debit card enables users to spend cryptocurrencies like {Bitcoin} (BTC) stored in self-custodial wallets at over 100 million merchants within the Mastercard network. This initiative underscores Mastercard’s commitment to expanding support for self-custody, allowing users to manage their crypto assets independently without relying on centralized platforms like banks or exchanges.

Self-custodial wallets, a key component of the cryptocurrency ecosystem, require users to take full responsibility for securing their assets. Unlike custodial wallets, which are managed by third parties, self-custodial wallets give users control over their private keys, enhancing security and autonomy.

Christian Rau, Senior Vice President of Mastercard’s Crypto and Fintech Enablement, emphasized that this partnership aligns with Mastercard’s ongoing efforts to support and innovate within the self-custody space. Rau highlighted the company's dedication to improving the user experience for self-custodial wallet holders.

Mastercard’s entry into the cryptocurrency market began in February 2021, recognizing the growing importance of digital assets in payments. Since then, Mastercard has formed various partnerships with key players in the crypto industry, including USD Coin provider Circle and the cryptocurrency exchange Coinbase.

Raj Dhamodharan, Mastercard’s blockchain and digital asset lead, pointed out that the company's commitment to supporting self-custody aims to streamline the process of using cryptocurrency for transactions, addressing challenges associated with centralized exchanges.

The Mastercard-branded Spend card by Mercuryo will incur fees, including an issuance fee and a monthly maintenance fee, along with an off-ramp fee imposed by Mercuryo. This new service represents a significant advancement in the integration of cryptocurrency with everyday financial transactions.

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