Mastercard Partners with Mercuryo to Launch New Crypto Debit Card
With this card, Spend, you can make purchases using cryptocurrencies like Bitcoin without having to sell them first
In a step towards the Web 3 transactional movement, Mastercard now has a debit card that allows you to spend your cryptocurrencies directly.
The non-custodial card from the financial institution allows you to link your card directly to your crypto wallet, allowing you to spend without selling your assets first.
Being a non-custodial card simply means you have full control over your funds without going through a traditional bank. This means your money is literally in your hands, no need to worry about a bank somewhere being down. With it being a crypto wallet, there's an extra layer of security, which means your money is a bit safer when it's in your hands.
Reports state that this was made possible because of a collaboration between Mastercard and Mercuryo, a Europe-based crypto payments provider. This collaboration has ultimately paved the way for millions of crypto users allowing them to easily integrate crypto spending into their normal spending habits.
Currently, the card - Spend - is only available in Europe and incurs a €1.6 issuance fee and a €1 monthly maintenance fee. Mercuryo will also charge card users a 0.95% withdrawal fee.
There have also been no reports of the card's availability in other regions. However, it is believed that if the card can gain widespread adoption, it will only be a matter of time before the card is brought to other places.
It should be noted that this isn't the first time Mastercard has worked with a crypto-based fintech company to provide services for crypto traders. They have also worked with companies like Metamask and Xaman Wallets to produce similar products.
Henry Chikwem
