Payments processing giant Mastercard is teaming up with a European counterpart to support non-custodial crypto wallets.
In a new announcement, European payments firm Mercuryo says it’s teaming up with Mastercard to launch Spend, a crypto debit card that makes it convenient for customers to spend or cash out their digital assets.
“In the context of Web3 users, one of the main hurdles they encounter is the typical issue of cashing out their crypto and doing it easily.
Individuals holding crypto who want a convenient way to use their assets for everyday purchases can now benefit from Mercuryo’s Spend crypto debit card, which allows users to spend their crypto directly from their wallet. This eliminates the need for an intermediary.”
According to Mercuryo, customers today face many struggles when attempting to cash out their crypto assets, including bank restrictions, long wait times, high transaction fees, and unfavorable exchange rates.
The firm notes that Spend aims to solve these issues as well via seamless integration with Apple Pay and Google Pay and compatibility with prominent blockchains, including Ethereum (ETH), Solana (SOL), The Open Network (TON), Polkadot (DOT) and others.
Furthermore, the card allows users to retain full custody of their assets.
In April, Mastercard announced that it would be collaborating with decentralized exchange (DEX) aggregator 1inch (1INCH) to create a crypto debit card.
As stated by 1inch co-founder Sergej Kunz at the time,
“This is another major step towards onboarding mass users to DeFi. With the 1inch Card, the user can benefit from the advantages of both DeFi and traditional finance.”
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