MetaMask Releases Crypto Debit Card
MetaMask has announced the launch of a crypto debit card powered by Mastercard and the fintech platform Baanx. This card allows users to spend cryptocurrency for everyday purchases.
In its current phase, the card is limited to a few thousand digital-only cards available to users in the European Union and the United Kingdom. Users are required to hold their crypto on-chain on the Linea network, and MetaMask is used to delegate funds for the card. As a self-custodial wallet, users retain control over their private keys.
Lorenzo Santos, senior product manager at Consensys, stated, “This gives people more freedom to spend their assets; in this case, crypto,” emphasizing the potential for the MetaMask Card to remove friction between the blockchain and traditional payments.
The MetaMask Crypto Debit Card is similar to other Baanx-powered crypto debit cards, such as the CL Card, which allows Ledger users to spend their crypto wherever Mastercard is accepted.
Coinbase Announces New Wrapped Bitcoin cbBTC
In other news, Coinbase has announced plans to launch cbBTC, a wrapped version of Bitcoin, on its Base network. This move aims to expand Coinbase’s tokenized asset offerings and could reshape the landscape of wrapped Bitcoin. Coinbase previously launched cbETH, a wrapped Ethereum token, in August 2022, which has seen substantial adoption.
Jesse Pollak, the lead developer on Base, expressed enthusiasm for Bitcoin’s potential on Coinbase’s layer-2 network, stating, “I love bitcoin, am so grateful for its role kickstarting crypto, and we’re going to build a massive bitcoin economy on @base.”
Additionally, Anndy Lian, a blockchain expert, views cbBTC as a chance for Coinbase to offer a transparent alternative to Wrapped Bitcoin (WBTC), especially amid concerns about Justin Sun’s involvement. WBTC, the largest wrapped Bitcoin asset, recently partnered with BiT Global, linked to Sun, prompting him to clarify his strategic role without control over WBTC reserves. WBTC currently boasts a market capitalization of $9 billion.