Mastercard’s Push Towards Crypto Payments with Euro-Backed Card
Mastercard has launched a Euro-backed cryptocurrency card, aiming to boost the global adoption of crypto-focused payments. This new initiative is in collaboration with European payment provider, Mercuryo. Through this partnership, users can now utilize a Euro-denominated debit card to spend cryptocurrencies, such as Bitcoin, stored in their non-custodial wallets.
Spending Cryptocurrencies Worldwide
With the new debit card, users can spend Bitcoin (BTC) and other cryptocurrencies at over 100 million merchants globally. However, there are mandatory fees attached to using the card. Users will need to pay a one-time issuance fee of €1.60 ($1.77) and a monthly maintenance fee of €1 ($1.11). Additionally, Mercuryo will charge a 0.95% service fee for any transactions made outside the card’s direct usage. The card, available in the European Economic Area (EEA), has a monthly spending limit of €40,000 ($44,380).
Mastercard’s Continued Support for Self-Custody Wallets
This collaboration with Mercuryo highlights Mastercard’s ongoing support for self-custodial wallets. These wallets allow users to maintain control of their assets without relying on centralized entities like banks or exchanges. Christian Rau, Senior Vice President for Cryptocurrency and Fintech Enablement at Mastercard, reiterated the company’s commitment to self-custody solutions. He emphasized that Mastercard’s partnership with Mercuryo aims to break down the traditional barriers between conventional payments and blockchain technology, providing users with a convenient way to spend their digital assets.
Mastercard’s Deepening Involvement with Cryptocurrency
Founded in November 1966, Mastercard is a global financial services giant, operating in over 200 countries. Over the years, it has forged partnerships with leading financial institutions, including those in the cryptocurrency space. Some of its key crypto partners include Stellar and Binance, among others, with collaborations extending across various sectors, including Central Bank Digital Currencies (CBDCs) and payments.
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With this latest development, Mastercard is elevating its support for cryptocurrency payments by enabling users to spend self-custodied cryptocurrencies across 100 million online and offline merchants in its vast network.
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