Mastercard introduces self-custodial crypto card

Mastercard, in collaboration with fintech platform Mercuryo, has introduced a new self-custodial crypto payments card called "Spend" in Europe.

This card allows crypto holders to spend their digital assets with over 90 million merchants connected to Mastercard's network, offering a secure and efficient way to convert crypto to fiat directly from self-custodial wallets.

Unlike previous crypto cards requiring partnerships with centralised exchanges, the Spend card allows users to retain control of their assets in their wallets.

Users can easily top up their Spend card by selling crypto from their wallet, instantly converting it to cash for spending.

This is a notable shift from traditional off-ramping methods, which typically involve transferring funds to a bank account and can take one to two business days.

The Spend card is compatible with various blockchain ecosystems, including Ethereum, Solana, Injective, Near, ZKSync, Polkadot, and TON.

It also integrates seamlessly with Apple Pay and Google Pay, making it easy for users to make purchases using their crypto holdings.

Mercuryo emphasised that this card addresses concerns associated with conventional off-ramping methods, such as high fees, exchange risks, and unreliable peer-to-peer actors.

The company also stated that leading web3 wallets will soon incorporate Spend cards into their interfaces, enabling users to manage their balances directly.

The Spend card is currently available in the European Economic Area (EEA), with plans for a broader global rollout in the future.

Mercuryo is actively working to expand its network of wallet partnerships to further enhance the card’s usability.

This launch follows Mastercard’s recent initiatives, such as the introduction of "Crypto Credential" for cross-border crypto transfers and a partnership with Ethereum wallet Metamask to offer crypto debit cards, further solidifying its presence in the crypto payments space.