Mastercard has expanded its support for non-custodial wallets through a new partnership with Mercuryo, a European crypto payments provider. This collaboration introduces a euro-denominated crypto debit card that allows users to spend digital assets directly from their wallets at over 100 million merchants globally.
Mastercard Embraces Self-Custody
According to a statement by Mercuryo, this initiative is part of Mastercard's broader push to bridge the gap between traditional finance and the crypto economy, enabling individuals to “be their own bank” while conducting everyday transactions with cryptocurrency.
The concept of self-custody offers crypto asset users the freedom to store their assets without depending on centralized platforms like banks or exchanges. Mastercard is targeting the growing demand for self-custodial solutions by allowing users to manage their private keys and control their funds.
Learn more about Spend ???? https://t.co/jtr9a1V3iu
— Mercuryo (@Mercuryo_io) September 5, 2024
For years, one of the major challenges facing crypto users has been converting digital assets into fiat currency for everyday use. Mercuryo's new debit card, branded as Spend, aims to address this issue by enabling direct crypto payments from wallets without the need for conversion steps. The newly launched crypto debit card offers a direct way for individuals to spend their digital currencies without intermediaries.
The card reportedly supports multiplecryptocurrencies, including Bitcoin, and functions across Mastercard's network of merchants. The two companies expect the multi-chain debit card to become an important solution for wallets seeking an easy crypto payment and cash-out option for their users.
Adoption of Non-Custodial Wallets
Mastercard's journey into the cryptocurrency space began in 2021 when the payment giant announced its support for digital currencies on its network. Since then, the company has partnered with several key players in the crypto world, including Circle, Coinbase, and now Mercuryo.
With operations in more than 210 countries and territories, Mastercard's crypto support comes at a time when digital currencies are gaining broader acceptance as a payment method. Unlike custodial wallets, where third-party platforms hold the private keys, non-custodial wallets place the responsibility solely in the user's hands. However, this requires individuals to be diligent in managing their private keys.
In July, Nuvei and Mastercard collaborated to launch an off-ramping solution in Europe. This offering enables consumers to convert their digital assets, including cryptocurrencies, into traditional fiat currency using debit, credit, and prepaid cards. Consumers can then spend their converted funds through Mastercard's global network.
This article was written by Jared Kirui at www.financemagnates.com.
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