Mastercard Partners- Mastercard and Mercuryo Join Forces to Support Non-Custodial Crypto Wallets and Payments
Mastercard Partners– Global payment leader Mastercard is enhancing its support for non-custodial cryptocurrency wallets through a significant new collaboration. This latest partnership with European crypto payments provider Mercuryo aims to facilitate crypto spending while allowing users to maintain control over their digital assets.
Mastercard’s New Euro-Denominated Crypto Debit Card
Building on its August pilot with the popular MetaMask wallet, Mastercard has introduced a new euro-denominated debit card. This card enables users to spend cryptocurrencies, such as Bitcoin (BTC), stored in self-custodial wallets at over 100 million merchants within the Mastercard network.
Driving Crypto Self-Custody Adoption
Self-custody, a fundamental principle of cryptocurrency, allows users to store their assets independently of centralized platforms like banks or exchanges. Unlike custodial wallets, self-custodial options require users to manage and secure their private keys.
Christian Rau, Mastercard’s Senior Vice President of Crypto and Fintech Enablement, highlighted the company’s commitment to self-custody wallets. At Mastercard, we are working closely with partners to innovate and enhance the self-custody wallet experience, Rau stated. “Through our collaboration with Mercuryo, we’re eliminating traditional barriers between blockchain and conventional payments, providing a secure and easy way for consumers to spend their digital assets anywhere Mastercard is accepted.”
Why Mastercard Supports Non-Custodial Wallets
Founded in 1966, Mastercard provides financial services across more than 210 countries. As cryptocurrencies and stablecoins become increasingly integral to the payments sector, Mastercard’s involvement in crypto was a logical step. The company officially supported cryptocurrencies on its network starting in February 2021.
Mastercard has partnered with various industry players over the past three years, including Circle (USD Coin provider) and major crypto exchange Coinbase. Raj Dhamodharan, Mastercard’s blockchain and digital asset lead, explained that the company’s push for self-custody aims to simplify the process of buying and selling crypto, addressing complexities associated with centralized exchanges. Many crypto holders prefer to avoid these exchanges altogether.
Mastercard’s Growing Role in Crypto
Despite the efforts to reach out, Cointelegraph did not receive a response from Mastercard regarding its expanding role in self-custody adoption by the time of publication.
FAQs
How does the new Mastercard debit card work?
The new debit card issued by Mastercard is linked to self-custodial cryptocurrency wallets. Users can spend their crypto assets directly from their wallets at any merchant that accepts Mastercard. This card enables seamless integration of cryptocurrency transactions into everyday purchases, bridging the gap between digital assets and traditional financial systems.
What is Mastercard’s new initiative involving non-custodial cryptocurrency wallets?
Mastercard is expanding its support for non-custodial cryptocurrency wallets through a new partnership with the European crypto payments provider Mercuryo. This collaboration has introduced a euro-denominated debit card that allows users to spend cryptocurrencies, such as Bitcoin (BTC), stored in self-custodial wallets at over 100 million merchants worldwide.
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