The non-custodial crypto wallet MetaMask is testing a blockchain-powered payment card from Mastercard, issued by Baanx, according to CoinDesk.
The joint product is touted as the “first truly decentralized payment Web3 solution,” according to marketing materials.
Users will be able to spend cryptocurrencies “on everyday purchases wherever cards are accepted.”
A Mastercard representative commented to the publication that the company is implementing a number of innovative projects in the digital assets space, including:
- the Multi Token Network;
- the Crypto Credential blockchain infrastructure;
- a CBDC partnership program;
- an initiative for cards “at the intersection of Web2 and Web3.”
Mastercard’s competitor, Visa, postponed its plans to integrate cryptocurrencies in early 2023 following a series of bankruptcies in the industry. However, by April, the company announced it was hiring developers for digital asset projects.
In September, Visa launched a pilot for merchants to use the stablecoin USDC on the Solana network. The company began testing the use of the “stablecoin” on the Ethereum blockchain two years earlier.
In January, Visa enabled the conversion of cryptocurrencies to fiat money on cards directly from wallets like MetaMask or Coinbase Wallet.