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Crypto wallet The US’s new payment card service is rolled out in the wake of MetaMask, which has been developed by blockchain software company Consensys, as its popular crypto wallet. It was launched in partnership with global payments giant Mastercard, the company said.
In its announcement, Consensys emphasized that the MetaMask Card differs from traditional crypto cards.
Most crypto cards are custodial, meaning users must transfer their assets to an exchange account before buying something; however, the MetaMask Card is described as “completely self-custdial”. Users will keep control of their digital assets in MetaMask wallets until the payment is made.
Unlike the versions in Britain, and the European Union, the card offered to US (such as those issued under British-owned cards) operates on the Monavate (formerly Baanx) infrastructure of the country. It also supports Apple Pay and Google Pay compatibility with all merchants that accept Mastercard, as well as the use of it at all Merchants.
Cardholders will be able to earn cashback on their purchases through cardholder. mUSD, MetaMask’s stablecoin will receive Rewards. A 1% cashback will be paid to standard users, and up to 3% on premium users’ first $10,000 of annual spending.
mUSD is issued by Stripe’s Bridge platform andminted on the decentralized M0 infrastructure. It is said that the stablecoin’s assets are highly liquid dollar assets, which support one-to-one. In recent weeks, demand for crypto-based payment cards has also been growing rapidly.
*This is not investment advice.
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