Mastercard partners with Mercuryo for the launch of a virtual debit card capable of spending cryptocurrencies from a non-custodial wallet: details.
Mastercard has partnered with digital asset service provider Mercuryo to introduce a euro-denominated virtual debit card that allows users to spend Bitcoin and other cryptocurrencies from a non-custodial wallet at over 100 million merchants affiliated with the Mastercard network.
Christian Rau, Senior Vice President of Mastercard’s Crypto and Fintech Enablement division, stated:
“Through our collaboration with Mercuryo, we’re eliminating the traditional barriers between blockchain and conventional payments, providing consumers who want to spend their digital assets with an easy, reliable, and secure way to do so, anywhere Mastercard is accepted.”
Raj Dhamodharan, Mastercard’s Head of Blockchain and Digital Assets, said that promoting non-custodial wallets aims to address the complexities associated with buying and selling cryptocurrencies through centralized exchanges. According to Dhamodharan, many digital asset holders prefer to avoid using centralized exchanges.
Fee structure
The new card, called Spend, involves several fees set by Mercuryo, including an issuance fee of €1.60 and a monthly fee of €1. Additionally, there is a 0.95% conversion (off-ramp) fee.
