Global payment giant Mastercard has teamed up with Mercuryo, a European crypto payments provider, to launch a new debit card that allows users to spend cryptocurrency directly from their self-custodial wallets. This euro-denominated debit card can be used at over 100 million merchants worldwide that accept Mastercard.
A self-custodial wallet gives users full control of their crypto assets, meaning they are responsible for securing their private keys, without relying on third-party services like banks or exchanges. This partnership between Mastercard and Mercuryo highlights Mastercard’s commitment to supporting non-custodial wallets and enabling crypto holders to easily spend their digital assets in everyday transactions.
Christian Rau, senior vice president of crypto and fintech enablement at Mastercard, said the company is focused on improving the self-custody wallet experience. He explained that by working with Mercuryo, Mastercard is making it easier for consumers to spend their crypto securely and reliably wherever Mastercard is accepted.
This new card builds on Mastercard’s earlier crypto projects, including its pilot program with the MetaMask wallet. The company’s goal is to bridge the gap between blockchain technology and traditional payment systems, offering users more flexibility in how they manage and use their cryptocurrencies.
Mastercard first entered the crypto market in 2021, when it announced support for cryptocurrencies and stablecoins on its network. Since then, the company has partnered with several key players in the crypto industry, including Circle, the issuer of USD Coin (USDC), and the major U.S. exchange.
Raj Dhamodharan, Mastercard’s blockchain and digital asset lead, said the company's focus on self-custody addresses the challenges of using centralized exchanges. Many crypto users prefer not to use exchanges and face difficulties converting their crypto to fiat. With this new debit card, Mastercard aims to simplify the process and make spending crypto more accessible.
However, using the card does come with some fees. The Mastercard-branded Spend card by Mercuryo has a 1.60 euro issuance fee and a 1 euro monthly maintenance fee, along with a 0.95% fee for off-ramp transactions, which refers to converting crypto into traditional currency.
