Ethereum extends its presence in financial systems with Mastercard

On April 28, MetaMask announced the launch of a physical payment card in partnership with CompoSecure and Baanx. Its functioning is provided by the global Mastercard system. It allows owners to directly spend funds from a decentralized wallet without converting to fiat.

Transactions are executed via smart contracts at a speed of 5 seconds on the Linea network, a scalable solution built on Ethereum. The product is aimed at integrating cryptocurrencies into everyday finances: users can shop at millions of merchants without losing control of their funds.

The card is now available in a limited number of countries, and waiting lists have been created to obtain it.

The move is a part of Mastercard's broader strategy to support stablecoins and blockchain platforms, which also includes partnerships with Kraken, Gemini, and OKX. The innovation also demonstrates Ethereum’s potential as a platform for integrating digital assets into everyday financial transactions. The information was provided by the CryptoPotato online portal.