Claims have surfaced that MetaMask and Mastercard are collaborating on an ambitious project. According to Coindesk, preparations for the world’s first blockchain-powered credit card, which will allow users to make purchases with cryptocurrency, have been completed, and the testing phase has begun.
MetaMask, known as one of the most popular cryptocurrency wallets with over 30 million monthly active users, has entered into a significant partnership with Mastercard. As part of this collaboration, a credit card supported by blockchain technology has been developed for the first time globally. This card, now in the testing phase, can be used anywhere credit cards are accepted. The distinctive feature of this card is that it enables users to conduct transactions using cryptocurrencies.
MetaMask operates as a wallet service on the Ethereum network, while Mastercard is a leading payment provider in the traditional financial system. This collaboration between the two entities marks a pioneering venture in their respective fields. According to promotional materials, this card is set to be celebrated as “the first truly decentralized web3 payment solution.”
It’s unclear when it might be available
According to Coindesk, this groundbreaking credit card is poised to usher in a new era for all of us. With the support of cryptocurrency and blockchain technology, consumers will soon have the ability to make purchases easily using cryptocurrency. However, the specifics regarding the necessary infrastructure remain uncertain. Questions such as the need for new POS (Point of Sale) devices to facilitate this service are yet to be answered.
So far, there has been no official statement from either party involved. Nevertheless, marketing materials that Coindesk leaked suggest that an official announcement is expected in the very near future. Should these expectations materialize, it would represent one of the most significant challenges to the traditional financial system to date. It remains to be seen how MetaMask and Mastercard will manage such a monumental task.
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