Mastercard has partnered with Mercuryo to launch a new crypto debit card promoting self-custodial wallets.
Global payment card service provider Mastercard has collaborated with European crypto payment infrastructure company Mercuryo to launch a euro-denominated crypto debit card allowing users to spend crypto from self-custodial wallets at millions of merchants worldwide.
Payment is an essential part of the crypto ecosystem, so MastercMastercard’s entry into the industry is strategic as it joins the ever-growing and evolving crypto world.
Mastercard Partners with Mercuryo
Mastercard has taken a significant step in connecting the traditional financial system with the crypto ecosystem by expanding its support for self-custodial crypto wallets with its latest partnership with Mercuryo.
“At Mastercard, we are working closely with partners to innovate and enhance the self-custody wallet experience,” said Christian Rau, senior vice president of Mastercard’s crypto and fintech enablement.
Rau added that Mastercard plans to allow users to spend their crypto assets easily, reliably, and securely “anywhere Mastercard is accepted.” The payment giant achieves this by establishing a new Euro debit card that enables users to spend cryptocurrencies like bitcoin and a few altcoins stored in self-custodial wallets at more than 100 million merchants worldwide.
A self-custodial wallet is a crypto wallet that gives users full authority over their private keys and assets. As the name implies, users have full custody of their wallets and funds without reliance on centralized exchanges or other third parties.
Mastercard sees crypto advocacy as in important step in its growth. Since 2021, it has taken significant and well-thought-out steps into the crypto industry. It has partnered in small or large ways with major crypto firms like Coinbase, Metamask, Nexo, Circle, and many others.
Recent Crypto Partnerships
Like Mastercard, other mainstream companies have dived into the crypto industry through collaborations. Japanese firm Metaplanet recently partnered with a nearby crypto trading firm, SBI VC Trade, to aid its crypto adoption journey.
As part of the collaboration, both companies will work hand-in-hand to enhance crypto adoption in Japan. Metaplanet plans to extend its crypto presence by cooperating with other exchanges within and across the Asian continent.