CompoSecure, Baanx, and MetaMask unveil 'metal card' to make crypto tap-to-pay a reality

Fintech company CompoSecure, Baanx, and MetaMask announced Monday the launch of the MetaMask metal payment card, which is set to debut worldwide in the second quarter.

The MetaMask Metal Card lets users pay directly from their self-custody MetaMask wallets without needing to preload, convert crypto into fiat, or rely on centralized exchanges. All transactions are authorized via smart contracts in under five seconds. Users must hold their crypto onchain on the Linea network.

"The future of non-custodial neobanking is here," Simon Jones, chief commercial officer at Baanx, said in the release. "Our partnership with MetaMask and Mastercard will make spending crypto as easy as tap-to-pay. No conversions, no delays, no middlemen, just seamless, instant transactions. From inspiration to security technology, the team at CompoSecure made our dreams a reality, creating this beautifully designed metal payment card."

MetaMask announced the pilot launch of its MetaMask Card in August 2024 and previewed the metal card at ETHDenver in March. The crypto wallet in February said it will add support for Bitcoin and Solana this year and plans to revamp its wallet application's user interface.

By solving the "last mile" problem, the MetaMask Card aims to move the industry closer to mainstream use of digital assets.

"The MetaMask metal payment card isn’t just another crypto card, it’s a paradigm shift," said Jon Wilk, CEO of CompoSecure. "As the financial landscape evolves, non-custodial neobanking is set to redefine global commerce. With billions of dollars in stablecoins already transacting across public blockchains, the MetaMask card represents the missing link that turns crypto from an investment into a true, everyday currency like cash, anywhere, anytime."

In February, the U.S. Securities and Exchange Commission agreed in principle to end the enforcement case against MetaMask and its parent company, Consensys. The SEC sued Consensys last summer, alleging the company had violated the law through its MetaMask staking service.

Meanwhile, Mastercard has partnered with several other crypto companies to enhance its Web3 card program. "The program aims to bridge the gap between traditional financial systems and decentralized finance by helping to integrate digital currencies like stablecoins into everyday payments," The Block's James Hunt reported earlier this month.

CompoSecure's stock (ticker CMPO) spiked at Monday's market open but was trading nearly unchanged around $10.80 at publication time.