Mastercard, one of the largest financial networks in the world, is taking another bold step in bridging traditional finance with cryptocurrency by launching a euro-denominated cryptocurrency debit card. In partnership with European crypto payments provider Mercuryo, this initiative is designed to make crypto payments more accessible and mainstream, supporting the broader adoption of digital assets across Europe.
Spend Bitcoin And Beyond At 100 Million Merchants
The newly launched debit card allows users to spend Bitcoin (BTC) and other cryptocurrencies at over 100 million merchants worldwide. This innovative step brings cryptocurrency one step closer to everyday use by enabling users to make purchases directly from their non-custodial wallets. With a euro denomination, users can seamlessly convert their digital currencies into fiat for transactions.
While the card offers considerable convenience, it comes with a few associated fees. Users will face an initial issuance fee of €1.60 ($1.77) and a monthly maintenance charge of €1 ($1.11). Additionally, Mercuryo, the partner in this initiative, applies a service fee of 0.95% for off-ramp transactions, meaning every time users exchange crypto for fiat, this fee will be deducted. The card also features a monthly spending limit of €40,000 ($44,380), ensuring substantial room for everyday purchases or larger transactions.
Mastercard’s Commitment to Self-Custodial Wallets
This collaboration with Mercuryo is part of Mastercard’s broader push to support self-custodial wallets, providing users with direct control over their funds without needing to rely on third-party institutions like banks or exchanges. Christian Rau, Mastercard’s Senior Vice President of Crypto and Fintech Enablement, emphasized that this card seeks to eliminate barriers between conventional payments and blockchain technology, giving users more ways to integrate their digital assets into everyday life.
Rau highlighted that the partnership is aimed at simplifying the process of using cryptocurrency for payments. By allowing users to maintain control over their crypto in self-custodial wallets, the card ensures that they can spend their funds directly without intermediaries, a feature that is expected to appeal to crypto enthusiasts wary of centralized exchanges.
Mastercard’s Crypto Ties Run Deep
This latest move is part of Mastercard’s ongoing expansion into the cryptocurrency space. The company, founded in 1966, has built strong partnerships with several crypto-focused entities, including Stellar, Ripple, Consensys, and Binance. These collaborations span across various crypto-related projects such as Central Bank Digital Currencies (CBDCs) and blockchain payments.
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With its recent venture into the euro-denominated crypto card, Mastercard is continuing to demonstrate its commitment to the crypto sector, helping to integrate digital currencies into its extensive network of online and offline merchants. The new card marks a significant leap for cryptocurrency payments, making it easier for users to spend their crypto assets in everyday transactions.
Mastercard’s euro-denominated cryptocurrency debit card represents a significant step toward making crypto payments a reality for millions of users in Europe. By partnering with Mercuryo, Mastercard is not only offering a practical solution for crypto enthusiasts but is also cementing its position as a forward-thinking player in the global financial landscape. As cryptocurrency continues to evolve, initiatives like this will play a key role in driving mainstream adoption, providing users with more ways to spend their digital assets on a global scale.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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