Key facts:
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The card has multi-chain functionality.
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It is a solution to facilitate payments without using exchanges or other conventional intermediaries.
Mercuryo, a solution for payments with cryptoassets, launched a multi-chain debit card valid for spending on the Mastercard merchant network, which is estimated at around 10 million merchants. This euro payment solution It is self-custody as it allows payments to be made from the user’s private wallet. Users in Spain can now apply for it.
According to Mercuryo,
People who own cryptocurrencies and want a convenient way to use their assets for everyday purchases can now benefit from Mercuryo’s Spend crypto debit card, which allows them to spend their cryptocurrencies directly from their wallet. This eliminates the need for a middleman.
Mercuryo, a crypto-asset payment solution.
Mercuryo is a company that offers financial services with crypto assets that can be integrated via API. According to the company behind the creation of the Spend card, this debit card with self-custody function provides a more convenient payment solution than traditional ones, which involve using an exchange and converting cryptocurrencies to fiat money.
Spend is available for Europe. Source: https://mercuryo.io/
This solution helps integrate traditional finance with digital finance based on crypto assets, which normally requires depositing fiat money into a traditional bank account, which increases the steps to carry out an expense. According to Mercuryo, this payment method often faces greater scrutiny than direct payment with a self-custody card.
Moving to a bank card often involves the risk of transactions being blocked, requiring the end user to provide details about the transfer. With a crypto card, spending is less likely to trigger such scrutiny.
Mercuryo, a crypto-asset payment solution.
According to the announcement article, this card works virtually and can be used to pay online and in physical stores. In addition, it works with Apple Pay and Google Pay. It is compatible with with Bitcoin chains, Ethereum/” target=”_blank” rel=”noreferrer noopener”>Ethereum, SolariumInjective, Near, ZKsync (rollup), Polkadot, TON and others. Spend allows you to maintain separate balances for your wallet and your Spend card.
To use it, users can top up their card by selling a Cryptocurrency available in the wallet. By doing so, the funds in euros will be immediately available in the card balance. The Spend virtual card can be made available in different cryptocurrency wallets as long as the developers in charge integrate it for their clients.
To apply for a Mercuryo Mastercard, you need to go through an identity verification procedure (KYC). Given the fact that most wallets do not require it, such a measure can be interpreted unpopularly by the community, especially since linking the card to a private wallet considerably decreases the privacy of the former. Mastercard, on the other hand, usually collects information from its customers following the guidelines of your data processing.
MasterCard has already tested a first card for self-custody payments together with MetaMask. Source: https://mercuryo.io/
This Mercuryo debit card solution for self-custody payments is part of a broader program. According to Vicki Hyman, director of global communications at Mastercard, the program It started with the creation of a debit card for MetaMaskthe popular browser wallet.
It is a new Web3 card program that allows self-custody wallet users to make card purchases anywhere Mastercard is accepted, maintaining custody of the funds until the moment of purchase and with greater security.
Vicki Hyman, director of global communications at Mastercard.
As reported According to CriptoNoticias, the MetaMask card was launched as a pilot test for a group of users in the United Kingdom and Europe, including Spain. The Spend card, from Mercuryo, is available in the same regions.
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