Mercuryo Launches Spend, Connecting Solana Wallets to 90M+ Mastercard Merchants

Aiming to facilitate smoother off-rails Mercuryo unveils a multi-chain, virtual debit card, ready to be integrated into Solana wallets across the industry.

Finn Miller

Published: Sep 5, 2024 at 16:45
Edited: Nov 25, 2024 at 14:55

Mercuryo, a Web3 payments provider, has announced the rollout of Spend, a virtual debit card promising to streamline crypto payments.

Complete with Apple Pay and Google Pay compatibility, Spend facilitates payments directly from Solana wallets to over 90M Mastercard merchants across the globe.

What is Spend?

Mercuryo’s Spend allows wallet apps to integrate virtual Mastercard debit cards directly into their applications. Through the Spend Card, Mercury promises to enable the crypto community to use their crypto assets to “spend on anything. Anytime. Anywhere.”

Mercuryo spend

Spend aims to provide a fast and cost-effective method for crypto users to convert and spend their digital assets from their wallets. Beyond the simplicity of Mastercard, Apple Pay, and Google Pay integration, Spend also offers card customization, meaning wallet providers can incorporate their logos into virtual cards.

Spend is fully self-custodial, meaning users have full control over any assets deposited into the card account. Additionally, the platform offers multi-chain support, including Solana, Ethereum, and PolkaDot.

As part of the announcement, Mercuryo teased that several leading Web3 wallets will be adding Spend in the near future. SolanaFloor engaged Mercuryo for comment on the matter but is yet to receive a response.

Why Web3 Needs Better Off-Ramps

Since the birth of the industry, crypto companies have focused tirelessly on streamlining the flow of funds into decentralized economies. According to Mercuryo, “on-ramping is now a user-friendly process, and users can purchase crypto with ease.”

While onboarding has become easier with exchanges and third-party apps readily available, bringing funds back into the real world still poses significant barriers. Mercuryo argues that the biggest struggles facing crypto off-ramping are:

Poor UX of existing solutions - Users need to jump through a variety of hoops to withdraw funds. Many platforms are only available in certain regions and popular offboarding platforms offer limited support outside of mainstream cryptos.
Bank restrictions - Traditional banks often block payments from crypto-related companies and freeze accounts suspected of interacting with cryptocurrency.
Extortionate fees - Third-party apps and intermediaries can charge high fees on crypto-to-fiat withdrawals, discouraging users from transferring funds.
Slow processing times - After becoming accustomed to rapid, permissionless transfers onchain, crypto-to-fiat withdrawals can feel slow and cumbersome.

While the industry loves to discuss and promote progress and efforts toward crypto onboarding, finding seamless methods of getting funds off-chain is equally important.

Mercuryo’s commitment to simplified crypto off-ramps helps to legitimize digital currencies as meaningful financial tools. Through the Spend card, millions of crypto users may be able to enjoy improved access to their funds in real-world contexts, solidifying the role of cryptocurrency in the Web2 world.