Mastercard is making a groundbreaking move in the world of digital finance by expanding its support for self-custodial cryptocurrency wallets. In partnership with European crypto payment provider Mercuryo, the global payment giant will now allow users to spend their cryptocurrencies directly from self-custodial wallets at over 100 million merchants across its vast network.
This initiative follows Mastercard’s pilot program with the self-custodial MetaMask wallet and introduces a euro-denominated debit card that allows users to spend Bitcoin and other cryptocurrencies while maintaining full control over their funds. Unlike custodial wallets, self-custodial wallets give users complete responsibility for securing their assets, enhancing the essence of “being your own bank.”
Christian Rau, Mastercard’s senior vice president for crypto and fintech enablement, highlighted the company’s growing commitment to supporting self-custodial wallets. “We are working closely with partners to innovate and improve the self-custody wallet experience,” Rau explained, emphasizing the collaboration with Mercuryo to reduce barriers between blockchain technology and traditional payment methods.
Mastercard’s latest initiative is part of its broader strategy to embrace the growing role of cryptocurrencies in the global payments landscape. Since 2021, Mastercard has forged partnerships with key players in the crypto industry, including Coinbase and Circle, to integrate digital assets into its services.
The new Mastercard-branded debit card, however, comes with a few fees: a €1.60 issuance fee, a €1 monthly maintenance fee, and a 0.95% off-ramp fee charged by Mercuryo. Despite these costs, Mastercard’s move marks a significant step toward bridging the gap between digital and traditional finance, providing more options for crypto users worldwide.