MetaMask is entering the crypto payment space with a new self-custody card in partnership with Mastercard. Developed with CompoSecure and Baanx, this metal card allows users to spend crypto directly from their MetaMask wallets, offering an alternative to centralized exchanges.
According to the announcement, MetaMask’s card can execute real-world transactions using smart contracts within five seconds and operates on the Linea network—a layer-2 Ethereum solution for faster, cost-effective transactions.
The card aims to enhance security for crypto holders, particularly in light of exchange hacks like Bybit’s $1.4 billion loss in February.
MetaMask is now competing with major platforms like Binance, Coinbase, Crypto.com, and Bybit, all of which offer crypto debit cards, some with crypto rewards for purchases.
This move by MetaMask comes as Ethereum’s growth slows. Dune Analytics reported that during the week of April 14, the wallet generated only $289,312 in fees, a substantial drop from $1.3 million for the same period in 2018.
