Everything is gradually developing, and today we are in a much better position compared to the year 2021. At the end of 2021, while Bitcoin futures ETFs were approved, today we have spot Bitcoin ETFs. In those days, while BTC was at its peak of $69,000, BTC is now challenging $72,800.
Mastercard and Its New Product
And again, in those days, Mastercard and Visa only offered credit cards that earned crypto rewards, whereas today they are testing on-chain cards. The narrative of Web3 was not that meaningful in 2021, but today it signifies much more. Moreover, it will become even more meaningful in a few years.
The most popular decentralized crypto wallet, MetaMask, is testing the first fully on-chain card that operates on Mastercard’s extensive network and is issued by Baanx. The fully on-chain payment card released by Baanx tells us that a new era of blockchain-based payments is approaching.
Web3 Payment Services
According to marketing materials, the MetaMask/Mastercard payment card will be presented as the first truly decentralized Web3 payment solution. Cryptocurrency investors will be able to use their cryptos for payments “wherever cards are accepted” with this card in collaboration with MetaMask.
Regarding the latest development, a Mastercard representative contacted by CoinDesk pointed to the company’s statement from October.
“Mastercard is bringing its trusted and transparent approach to the digital assets space through a range of innovative products and solutions, including the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and new card programs that connect Web2 with Web3.”
Preparations are underway for a new world where investors make their everyday purchases with a card linked to their MetaMask account holding cryptos. Mastercard and its competitor Visa have been working much more closely with blockchain companies recently.
As reported last October, Mastercard is collaborating with popular hardware wallet manufacturer Ledger. Visa is working on cross-border payments with the USDC stablecoin and the Solana network.
The US is approving spot Bitcoin ETFs, the London stock exchange is taking action, and massive companies are putting in extra work in the field of tokenized asset issuance. Cryptocurrencies are now moving towards becoming the “new normal” in the next phase.
