Mastercard has launched a euro-denominated crypto debit card where users can spend their cryptocurrency directly from their wallets.
The card will allow people to transact at over 100 million merchants across Europe, with the payment service provider partnering with fintech platform Mercuryo.
With over 500 million people now owning some form of crypto, the expansion into daily use debit cards marks a change from the HODL (Hold On for Dear Life) mindset that some investors have.
In a press release on the Mercuryo website, the team introduced the card aptly named ‘Spend’ by saying it “represents the next step in this evolution.
“It provides a fast, cost-effective, and globally accepted way to convert and spend cryptocurrency directly from their crypto wallets, bypassing the need for traditional intermediaries.
“And just as physical cards in traditional wallets empower users with purchasing power and decision-making capabilities, virtual debit cards empower crypto holders to use their assets effortlessly in everyday transactions.”
Mastercard crypto card aims to promote daily spending digital assets
Like normal debit cards, the Spend crypto card will have integration possibilities with Google Pay and Apple Pay. It is also compatible with a number of blockchain ecosystems like Ethereum, Solana, Injective, Near, Polkadot, and more.
“It empowers individuals to convert and spend their digital assets with unprecedented ease and flexibility, whether they’re shopping online, paying for services, sending money abroad, or even managing their finances on the go,” says the team at the fintech-based company.
The card is currently only available to those in the European Economic Area, but there are plans to roll it out across other regions, globally. Further ‘wallet partnerships’ are also said to be getting worked on too.
Featured Image: Via Ideogram
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