MetaMask, the self-custodial wallet, announced the nationwide launch of the MetaMask crypto payment card in partnership with Mastercard across the US, starting with New York.
The announcement came from Consensys, the blockchain software firm that owns MetaMask. This launch brings the MetaMask Card to users nationwide for the first time, including residents of New York who could not access it before.
Crypto as a part of daily spending
The card allows people to spend their cryptocurrency directly at everyday merchants, making crypto feel more like regular money in daily life.
A self-custodial MetaMask wallet is what makes it different. While crypto cards earlier needed users to offramp or send their funds to a centralized exchange, with the MetaMask card, user has the full control. Your crypto stays in your personal wallet until you tap your phone at a checkout counter.
This launch stands out because it includes New York, a state known for having some of the strictest crypto regulations in the world. By securing a partnership with Cross River Bank, an FDIC-insured institution, Consensys has managed to bring this launch to 49 states, with Vermont being the only current exception.
More than just a payment card
Beyond the spending part, the card is designed to reward users who live on-chain. All cardholders earn cashback on their purchases, which is paid out in MetaMask’s own mUSD stablecoin.
The card can be used anywhere Mastercard is accepted. Users can add it to Apple Pay or Google Pay for convenient contactless payments. A free virtual card becomes available instantly after approval, and people looking for a physical card can opt for the premium Metal Card.
The Metal Card offers a $199 annual subscription, with up to 3% cashback on the first $10,000 spent each year, removes all foreign transaction fees, and provides much higher limits for daily spending and ATM withdrawals.
In the MetaMask-linked payment card, security is handled through Mastercard’s global infrastructure, including Identity Theft Protection and Zero Liability protection, ensuring that spending crypto is just as safe as using a traditional bank card.
More to it, the card allows users to stay productive even when they aren’t spending; through integrations with decentralized finance protocols like Aave, users can actually earn yield on their unspent balances.
