Mastercard Teams Up with Mercuryo to Let You Spend Crypto from Your Own Wallet
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- Mastercard partners with Mercuryo to launch euro-denominated crypto debit card for self-custodial wallets.
- New card allows spending of cryptocurrencies like Bitcoin at over 100 million Mastercard-accepting merchants worldwide.
Global payment giant Mastercard is expanding its support for non-custodial cryptocurrency wallets, allowing users to spend crypto while controlling their own funds. After testing a crypto debit card with MetaMask in August, Mastercard is now partnering with European crypto payments provider Mercuryo to bridge traditional finance and crypto.
This new partnership introduces a euro-denominated debit card that lets users spend cryptocurrencies like Bitcoin from their self-custodial wallets at over 100 million merchants in Mastercard’s network.
Self-custody is a key idea in cryptocurrency that lets users store their assets without relying on centralized platforms like banks or exchanges. Unlike custodial wallets, where a third party holds your assets, self-custodial wallets require users to fully manage and secure their funds by keeping control of their private keys.
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Christian Rau, Mastercard’s senior vice president for crypto and fintech, said the company’s partnership with Mercuryo shows its commitment to supporting self-custodial wallets. He explained that Mastercard is working with partners to make it easier and safer for people to use their digital assets for payments wherever Mastercard is accepted.
Mastercard’s entry into the crypto market was a logical move, given the growing role of payments in the crypto world. In February 2021, the company announced its support for cryptocurrencies and stablecoins on its network, recognizing their increasing importance in payments. Since then, Mastercard has teamed up with major crypto players like USD Coin provider Circle and U.S. exchange Coinbase.
According to Raj Dhamodharan, Mastercard’s blockchain and digital assets lead, their recent support for self-custody makes buying and selling crypto easier, especially for those who prefer to avoid centralized exchanges.
However, Dhamodharan mentioned that the current system’s complexity limits choices and spending power for crypto users. Mastercard’s new crypto services, like the Spend card by Mercuryo, come with fees, including a €1.60 issuance fee, a €1 monthly maintenance fee, and a 0.95% off-ramp fee.
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