The card protects crypto spenders from exchange risk, high fees, and “shady P2P actors” associated with other off-ramping methods, according to Mercuryo.
Crypto holders in Europe will now be able to spend their crypto almost anywhere from the safety of their self-custodial wallets thanks to a new payment card from Mastercard.
Mercuryo, a fintech platform for web3 firms, announced its collaboration with the payments provider on Thursday to launch “Spend” – a multi-chain crypto card and Mastercard that acts like a debit card.
Spending Your Crypto Anywhere
Per the announcement, the payments card enables crypto payments with over 90 million merchants connected to Mastercard’s network, and features seamless integrations with both Apple Pay and Google Pay.
“Leading web3 wallets will soon offer Spend cards within their interface, allowing users to top up with crypto and spend fiat worldwide,” Mercuryo said.
Mastercard has already introduced payment cards allowing users to spend their crypto with regular merchants, but they usually require partnerships with centralized exchanges to work. This meant that crypto held by users was trusted with centralized institutions, defeating the purpose for which Bitcoin was initially built.
By contrast, Mercuryo says its new card provides a “fast, cost-effective, and globally accepted “way to convert crypto to fiat directly from their own wallets. It’s compatible with multiple blockchain ecosystems including Ethereum, Solana, Injective, Near, ZKSync, Polkadot, and TON.
Users can maintain separate balances between their wallet and spend card. The latter can be immediately topped up by selling crypto from the personal wallet, which gets instantly converted into cash. By contrast, traditional “off-ramping” methods usually take 1 to 2 business days, before a users’ funds appear in their bank account.
“We are actively working to expand our network and expect to add more wallet partnerships soon,” Mercuryo said.
Mastercard’s Crypto Foray
Spend is currently available European Economic Area (EEA), though it will be later rolled out to regions globally.
Last month, Ethereum mobile wallet Metamask also launched a debit card with Mastercard, enabling users to use Bitcoin and other assets to buy things at popular stores.
In June, Mastercard also introduce “Crypto Credential,” allowing users of select crypto exchanges in Europe and Latin America to conduct cross-border transfers using easy-to-remember aliases instead of blockchain addresses.