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The popular Cryptocurrency wallet application, “MetaMask”, announced on the social network X, the launch of a pilot test of its Mastercard cryptocurrency card in the United States. This, despite being involved in a legal battle with the US Securities and Exchange Commission (SEC).
It should be noted that the MetaMask card allows users to spend their cryptocurrencies directly from their wallets without using third-party services.
Additionally, the MetaMask pilot aims to drive cryptocurrency adoption by giving users the power to spend their crypto assets in both brick-and-mortar and online stores.
Wanna try MetaMask Card? 🇺🇸
Today we’re kicking off a limited pilot program in the United States where some of you will get your hands on MetaMask Card and try it out before it goes to a wider release. 🦊💳
Interested? Sign up now.
👉 https://t.co/aJmRlKmxHg pic.twitter.com/wyZLMzetGA
— MetaMask 🦊🫰 (@MetaMask) December 18, 2024
“Today we are starting a limited pilot program in the United States, where some of you will be able to get your hands on the MetaMask card and try it out before its broader launch.” Expressed MetaMask in X.
It is important to note that MetaMask currently has more than 30 million active users around the world.
Likewise, according to the company, American users will be able to request their card by joining a waiting list through the “Crypto Life” platform of “Baanx.” However, the service is currently not available in New York and Vermont.
“The MetaMask card pilot gives people more freedom to spend cryptocurrency.” Said Lorenzo Santos, product manager at Consensys. «The MetaMask card represents a big step in eliminating the friction that has traditionally existed between Blockchain and real-world commerce. “This is a paradigm shift that offers the best of both worlds,” he added.
Additionally, MetaMask also reported that its new cryptocurrency card, in partnership with Mastercard, will support USDT, USDC, and WETH tokens.
On the other hand, even though MetaMask plans the global launch of its new card, it is still fighting a legal battle with the SEC. For reference, in June, the US agency alleged that MetaMask offered “unregistered securities” through its staking services and engaged in “illegal brokerage activities” through its “Swap” feature.
According to the SEC, Consensys collected more than $250 million in fees by brokering crypto asset transactions and offering staking services without proper registration, thus depriving investors of “crucial protections.”
However, Consensys, the developer of MetaMask, has argued that the SEC “has no authority” to regulate software interfaces.
“We will vigorously pursue our case in Texas, seeking a final ruling on this matter.” Consensys indicated in a statement.
Additionally, Consensys noted that the SEC’s actions are contributing to “stifling innovation in the United States and far beyond.”
Importantly, as cryptocurrency adoption gains momentum, major companies are competing in this space to capitalize on growing consumer demand and secure dominance in the crypto sector. That is why the latest strategic alliance between MetaMask, Mastercard and Baanx is the perfect example of financial giants partnering with cryptocurrency companies.
Additionally, in March, MetaMask partnered with the electronic bank “Revolut”, to allow its users to buy cryptocurrencies directly from MetaMask using their personal accounts on the “Revolut Ramp” platform.
Likewise, as more partnerships between traditional financial companies and crypto companies appear globally, widespread access and adoption of the crypto industry becomes increasingly easier for traditional users.
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