Mastercard Plans Web3 Collaborations With Self-Custody Wallet Firms

The payments processor is working with MetaMask and Ledger among others, according to a Web3 Workshop presentation.

AccessTimeIconOct 24, 2023 at 3:32 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Payments giant Mastercard is exploring how best to collaborate with self-custody wallet firms like MetaMask and Ledger, according to a Web3 strategy workshop report seen by CoinDesk.

Mastercard pointed out in a presentation deck that having a payments card helps wallet providers increase the number of active users and build loyalty and other revenue streams while giving cardholders the opportunity to spend their crypto balance in a frictionless way.

But wallet firms face significant demands on resources when introducing a card in a new region, which is where Mastercard and its issuance partners come in. The 57-year-old payments technology firm also said it is evaluating “new models for global issuance using stablecoin on chain settlement” and “inexpensive fast chains,” according to the deck.

“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 and Web3," a Mastercard spokesperson said via email.

Large credit card networks are moving ahead with crypto despite tough market conditions and regulatory uncertainty in places like the U.S. Earlier this year, Mastercard made clear its Engage program will focus on bringing new crypto card programs to market. Visa, meanwhile, has been working with stablecoin USDC and the Solana blockchain for cross-border payments and exploring ways to smooth out wrinkles like paying Ethereum gas fees.

Mastercard will release a set of franchise standards, or rules for partner firms, to ensure consumer protection, price competition and transaction monitoring requirements, according to the deck. The company’s acquisition of CipherTrace back in 2021 means the blockchain analytics specialist is on hand to provide monitoring services.

Once the proposed standards are validated, the next step would be to issue a card targeting the EU or U.K. as a first market, Mastercard said in its presentation deck.

“Users want a simple solution – seamless transactions without pre-funding, without spending crypto and without having to deal with taxes,” it said.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.