Mastercard has announced a partnership with Mercuryo to enable non-custodial crypto wallets, allowing users to be their own bank. The new 'Spend' debit card allows direct conversion of fiat to crypto, eliminating the need for centralized exchanges and associated risks. According to Mercuryo, over 500 million people globally now own cryptocurrency, and they expect this number to double as crypto becomes a popular means for high-yield investments, art tokenization, and international transfers.
The 'Spend' card is compatible with major blockchains like Ethereum, Solana, Injective, Near, ZKSync, Polkadot, and TON, and can be used across Mastercard's 90 million-plus merchant network. It also integrates with Apple Pay and Google Pay. The card is a Mastercard debit card that sits directly in the user's wallet, with no reliance on banks or P2P risks to withdraw funds from crypto.
However, the card does come with a $1.80 issuance fee, a $1.10 monthly fee, and a 0.95% 'off-ramp fee' when converting crypto to cash. While not entirely free, the 'Spend' card aims to provide users with greater control and flexibility over their crypto assets, empowering them to be their own bank.
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