MetaMask to launch self-custody crypto card with Mastercard
MetaMask is launching a crypto payments card enabling users to spend self-custodied funds, backed by Mastercard and developed with CompoSecure and Baanx. The card utilizes smart contracts for transactions, processing them in under five seconds on the Linea network, an Ethereum layer-2 solution. It is positioned as a safer alternative to centralized exchanges, especially following the $1.4 billion hack of Bybit. MetaMask enters a competitive market with existing offerings from Binance, Bybit, Coinbase, and Crypto.com, which include crypto debit cards with rewards. Recently, MetaMask's fee revenue has declined significantly, with only $289,312 collected in mid-April compared to $1.3 million the previous year. Payments are rapidly becoming a key use case for cryptocurrencies, with luxury brands and apps like Signal exploring crypto acceptance, and legislative efforts in New York to legalize crypto for state payments.
