Global payments provider Mastercard has partnered with Mercuryo to launch a debit card that will allow holders to spend their self-custodied crypto at the company’s merchants in Europe. The card, called “Spend,” is virtual and functions as a “plug-and-play” solution that users can integrate with various apps, including those that facilitate crypto self-custody. Spend supports 40 cryptocurrencies.
In a statement, Mercuryo co-founder and CEO Petr Kozyakov said that the vision of the company is to bridge the gap between traditional finance and crypto. The card is more than a product; it’s a way for people to spend crypto in an accessible and commonplace way, the same as fiat currency.
For now, users can use the card at over 100 million merchants in the European Economic Area. Mercuryo has plans to roll out the card to more regions globally in the future. Spend doesn’t come without fees: There’s a €1.60 (Euro) issuance fee, a €1 monthly maintenance fee, and a 0.95% off-ramping fee. In addition, there’s a €40,000 spending limit.
Christian Rau, senior vice president at Mastercard, said the company’s partnership with Mercuryo shows Mastercard’s commitment to support self-custodial wallets and is helping to eliminate traditional barriers between the blockchain and conventional payments. The partnership will provide users who want to spend their digital assets with an easy, reliable, and secure way to do so.
This isn’t the company’s first foray into the world of self-custodial crypto wallets. In August, Mastercard partnered with MetaMask, allowing users of the popular wallet to spend their crypto in-real-life or online wherever Mastercard is accepted. 11 months ago, a leaked internal document showed that Mastercard was interested in providing payments solutions for users of self-custodial wallets.
Mastercard Bullish on Web3
Since 2021, when Mastercard announced it was entering crypto, the company has started initiatives, formed partnerships, and created cards that show its bullish attitude towards Web3. Here’s a quick summary of the moves the payments provider has made in the space:
- Created an AI and non-fungible token program that catered to musicians
- Partnered with Binance to launch a crypto rewards card in Brazil
- Launched a Web3 art incubator with Polygon
- Featured art from blue-chip NFT collections on debit cards
- Partnered with seven NFT and metaverse platforms
- Added a crypto and NFT consulting position to its Data & Services division
Furthermore, it partnered with Coinbase on the exchange’s NFT marketplace and Circle to create a USDC settlement program. All told, Mastercard has been quite busy in Web3, both on the payments side of the space and the culture side, especially with art and music.
Even during a stagnant market, where top coins have ranged for months, Mastercard has continued pressing forward, furthering the goal of global crypto adoption. Rarity Sniper will keep an eye on the story and update this article if needed.