Mastercard, the global payments leader, is deepening its commitment to the cryptocurrency world by expanding its support for non-custodial crypto wallets. Through a new collaboration with European crypto payment infrastructure provider Mercuryo, Mastercard now enables users to spend their crypto assets while “being their own bank.”
Following its successful pilot of a crypto debit card with the popular self-custodial wallet MetaMask in August, Mastercard has launched a euro-denominated debit card. This card allows users to spend cryptocurrencies like Bitcoin stored in self-custodial wallets at over 100 million merchants within the Mastercard network.
Mastercard’s Push for Self-Custody Adoption
Self-custody is a fundamental principle in the crypto space, allowing users to store their assets independently of any centralized entity like a bank or exchange. With self-custodial wallets, users maintain full control and responsibility over their funds by being the sole custodian of the private keys.
Christian Rau, senior vice president of Mastercard’s crypto and fintech enablement, highlighted the company’s growing commitment to self-custodial wallets in partnership with Mercuryo. “We are working closely with partners to innovate and enhance the self-custody wallet experience,” Rau said. He emphasized the importance of providing consumers with a seamless, reliable, and secure way to spend digital assets at any merchant that accepts Mastercard.
Why Mastercard is Supporting Non-Custodial Wallets
Founded in 1966, Mastercard is a leading global provider of financial services, operating in over 210 countries. Its entry into the cryptocurrency space aligns with the growing importance of digital assets in the world of payments. In February 2021, Mastercard officially announced its support for crypto on its network, recognizing the expanding role of cryptocurrencies and stablecoins.
Raj Dhamodharan, Mastercard’s blockchain and digital asset lead, explained that the company’s support for self-custodial wallets aims to simplify the process of buying and selling crypto, especially for those who prefer to avoid centralized exchanges.
However, Mastercard’s crypto services come with certain fees. The new Mastercard-branded Spend card issued by Mercuryo has a €1.60 issuance fee, a €1 monthly maintenance fee, and a 0.95% off-ramp fee imposed by Mercuryo.
While Mastercard’s commitment to crypto self-custody continues to grow, the company has not yet commented further on its long-term plans.
