The Tezos Foundation has unveiled a groundbreaking Mastercard-compatible payment card, boosting the price of XTZ Coin by 4% as the cryptocurrency hovered around $57,500. This announcement marks a significant development for Tezos, aligning with predictions of major news from the organization behind the crypto project.
How Does the Tezos Card Work?
The Tezos-branded, non-custodial crypto card operates on the Etherlink layer2 network, which is EVM-compatible and enhanced by Tezos Smart Rollups technology. This innovative solution aims to deliver fast and cost-effective transactions, being accepted by 110 million merchants globally thanks to Mastercard support. The layer2 network promises transaction approvals in less than 1 second, a milestone that could revolutionize real-world crypto usage if achieved.
Why is This Partnership Significant?
Previously, Mastercard and Baanx launched the MetaMask bank card, and 1Inch took similar steps. The Tezos Foundation and Baanx have maintained a 4-year partnership and investment collaboration, further solidifying this new payment card’s potential. Siddharth Singhal, Business Development Manager at Tezos developer Trilitech, emphasized the seamless integration of this card with existing financial systems like Apple Pay and Google Pay, ensuring a smooth user experience.
According to a Baanx official, this initiative could significantly impact various sectors. “There are approximately 1.2 billion people without access to financial services, and many wish to break away from traditional banks. Additionally, the creative economy, such as game wallets, could benefit by allowing direct payment to users without intermediaries like Apple.”
User-Usable Inferences
- Tezos card offers fast and cost-effective transactions, promising approvals in under 1 second.
- Accepted by 110 million merchants globally due to Mastercard support.
- Enables non-custodial payments, enhancing user control over crypto balances.
- Potentially transformative for unbanked populations and the creative economy.
This innovative Mastercard-compatible payment card from the Tezos Foundation could be a game-changer in the adoption of cryptocurrency for everyday transactions. With its promise of efficiency, speed, and widespread acceptance, it has the potential to significantly broaden the real-world applications of Tezos and other cryptocurrencies.