As crypto continues to move from the margins to the mainstream, companies like Mercuryo are pushing the boundaries of how we interact with digital assets. From payments infrastructure to pioneering new financial products, Mercuryo’s latest move, launching a self-custodial Spend Mastercard crypto debit card in collaboration with Ledger, is a bold step toward integrating crypto into everyday life. We sat down with Arthur Firstov, Chief Business Officer at Mercuryo, to discuss what this launch means for the future of crypto payments, lessons from TOKEN2049 in Dubai, and how the lines between TradFi and DeFi are blurring faster than ever. Mercuryo Ishan Pandey: Hi Arthur, it’s a pleasure to have you on HackerNoon’s “Behind the Startup” series. Can you tell us about your role at Mercuryo and what led to the vision behind launching the Spend card with Ledger and Mastercard? Ishan Pandey: Arthur Firstov: Thank you Ishan, it is a pleasure to be here. At Mercuryo, I serve as the Chief Business Officer, where I lead our strategic initiatives, partnerships, and business development efforts. Our goal has always been to build financial infrastructure that simplifies how people interact with digital assets and to enable DeFi and crypto-native products that can integrate with traditional systems without compromising on user sovereignty or compliance. The idea behind the Spend card came out of this mission to bridge usability and trust in crypto payments. Arthur Firstov: Mercuryo The opportunity to work with Ledger and Mastercard came at a time when users were demanding more secure and practical ways to use their crypto holdings for everyday transactions. Ledger brings unparalleled security through hardware-based self-custody and Mastercard brings a global merchant network that instantly adds utility to crypto assets. We recognized that to drive adoption forward, we had to offer a product that combined ease of use, strong compliance, and real-world utility without sacrificing the values that underpin the crypto ecosystem. The result is the Spend card, a self-custodial crypto debit card that allows users to spend Bitcoin and Ethereum at over 150 million locations globally. It works seamlessly with Ledger Live, so users retain full control of their assets while enjoying the simplicity of tapping their phone at a store. This is not just a product launch for us, it is a signal that crypto can evolve into a reliable medium of exchange, not just a speculative store of value. Ishan Pandey: The Spend card makes it possible to spend crypto like fiat while retaining self-custody. How are you striking the right balance between security and user experience? Ishan Pandey: Arthur Firstov: This balance is precisely what made the Spend card such a meaningful technical challenge and an exciting opportunity. On one hand, users want the simplicity and speed of fiat payments. On the other hand, crypto users expect full sovereignty over their funds, and rightly so. Our collaboration with Ledger made it possible to achieve both. With Ledger's security infrastructure, users hold their private keys and approve each transaction through Ledger Live. At no point does Mercuryo or any third party gain access to the assets. Arthur Firstov: From the user experience side, we had to ensure that this layer of security does not create friction. By issuing virtual cards that integrate with Apple Pay and Google Pay, we made sure that users can pay with crypto just as easily as with traditional debit cards. The card performs instant crypto-to-fiat conversions at the point of sale, meaning there is no need to pre-convert assets or manage balances across separate apps. It works with the same fluidity users expect from legacy finance tools. Security does not have to come at the cost of usability. With the Spend card, we have set a precedent for how secure self-custody can be paired with mass-market payment systems. It required careful integration between Ledger’s hardware security modules, our payment gateway, and Mastercard’s transaction rails. The result is a solution that feels native and safe in both the crypto and fiat worlds. Ishan Pandey: What were the major regulatory or technical hurdles in bringing this product to market, especially with Mastercard and Ledger involved? Ishan Pandey: Arthur Firstov: Bringing the Spend card to market meant navigating two very different regulatory ecosystems. On the crypto side, we needed to ensure that asset custody, KYC, and compliance mechanisms met standards in all jurisdictions where we operate. On the traditional finance side, working with Mastercard introduced an entirely separate set of requirements around card issuance, anti-money laundering frameworks, fraud prevention, and user protections. Each step had to be aligned between three very different technology and compliance stacks. Arthur Firstov: Technically, the biggest challenge was integrating Ledger’s self-custody infrastructure with Mastercard’s transactional network. This involved building a real-time bridge that allows a crypto asset to be converted into fiat the moment a transaction is made, without compromising the user's private key control. It also meant making the process invisible to the user. From a user perspective, they’re just tapping a card, but behind the scenes, there's a secure, near-instant orchestration of wallet signing, crypto conversion, and fiat settlement. We also had to implement rigorous testing, audits, and third-party assessments to meet Mastercard’s compliance thresholds. This was not just about plugging into an API. It required aligning security, risk modeling, and transaction flow design across all partners. Working with Mastercard and Ledger has been a masterclass in multi-stakeholder collaboration and has validated that crypto-native companies like Mercuryo can meet and exceed TradFi standards. Ishan Pandey: You chose to launch with Bitcoin and Ethereum. What’s the reasoning behind this decision, and what’s the roadmap for supporting other digital assets? Ishan Pandey: Arthur Firstov: We chose Bitcoin and Ethereum because they represent the highest user adoption, liquidity, and infrastructure maturity in the crypto space. From a security and compliance standpoint, starting with these two assets allowed us to build a streamlined user flow and simplify regulatory approval processes. These assets also have the broadest wallet support and are commonly held by both retail and institutional users, making them the logical starting point for a payment product. Arthur Firstov: That said, we absolutely plan to expand asset support. Stablecoins are a priority on our roadmap, especially euro- and dollar-pegged options. They align well with everyday spending behavior and remove volatility risk for users. We are also exploring support for other high-utility assets from ecosystems like Solana, Polygon, and Layer 2 Ethereum rollups, as long as we can ensure the same level of security, real-time liquidity, and compliance readiness. Our goal is to make the Spend card a true multi-asset gateway for Web3 users. This involves not just adding tokens, but ensuring the backend infrastructure, liquidity providers, and compliance layers scale with each addition. We are approaching this incrementally to avoid compromise in user experience or security. Ishan Pandey: Mercuryo had a strong presence at TOKEN2049 Dubai. What key trends or signals stood out to you at the event? Ishan Pandey: Arthur Firstov: Our event TOKEN2049 was more than just a networking session, it was a strategic dialogue about adoption of crypto products in real world and how Mercuryo can enable these use cases through our day-to-day payment products. With a major protocols, we discussed GTM campaigns which will lower the for the end user, which could drastically improve efficiency for micropayments and reduce frictions for self custodial usage. With DeFi infrastructure protocols like 1inch, Turnkey, the conversation revolved around enabling crypto projects any sizes with “essentials” like wallet infrastructure, swap, on ramps, and Spend cards. The goal is to enable both crypto platforms and their users with the best things that exist in DeFi. Arthur Firstov: And with Ledger, our discussions went deeper into expanding the self-custody experience beyond just payments. We’re looking into how users can earn, save, and potentially borrow against their assets while staying in control of their keys. These initiatives are still in early stages, but what’s clear is that collaborative infrastructure between crypto-native projects is the key to delivering reliable, scalable Web3 services. TOKEN2049 Dubai provided a clear view of where the crypto industry is headed, and the shift from infrastructure building to mainstream usability was very apparent. There was a noticeable increase in interest around on- and off-ramp services, payment integrations, and real-world asset tokenization. Developers and founders are no longer just focused on launching protocols but on making them usable for a broader, non-technical audience. Another trend we observed was the convergence between TradFi and DeFi. Institutions are increasingly open to partnering with Web3 companies, not just in theory, but in actual product development. At Mercuryo, we had several conversations with both fintechs and legacy banks who are exploring crypto as a real part of their payment stack. TOKEN2049 gave us validation that what we are building is not a niche use case, but part of a much larger financial evolution. Lastly, security and compliance are becoming less of a barrier and more of a competitive edge. Projects that prioritize regulatory readiness are being welcomed into partnerships and integrations that were previously off-limits. Our approach to combining Ledger’s security model with Mastercard’s compliance framework was well received and set a blueprint for others looking to offer hybrid financial products. Ishan Pandey: You hosted an ecosystem event with industry leaders like Polygon Labs, 1inch, and Ledger. Can you share any upcoming collaborations or initiatives from those conversations? Ishan Pandey: Arthur Firstov: The partner lunch at TOKEN2049 was more than just a networking session, it was a strategic dialogue about the next phase of crypto adoption. With major Layer 1’s, Layer 2’s and stablecoin issuers we discussed ways to integrate faster, lower-cost transactions into our Spend card backend. This could drastically improve efficiency for micropayments and reduce gas costs when we expand to more assets. Arthur Firstov: With 1inch, the conversation revolved around leveraging their aggregation protocols to optimize crypto-to-fiat conversions. The goal is to make sure users get the best available rate every time they spend, without needing to think about liquidity or slippage. We are already exploring how this could be integrated directly into the conversion engine that powers the Spend card. And with Ledger, our discussions went deeper into expanding the self-custody experience beyond just payments. We’re looking into how users can earn, save, and potentially borrow against their assets while staying in control of their keys. These initiatives are still in early stages, but what’s clear is that collaborative infrastructure between crypto-native projects is the key to delivering reliable, scalable Web3 services. Ishan Pandey: Crypto salaries and real-world spending are on the rise. How does the Spend card fit into this broader shift in user behavior? Ishan Pandey: Arthur Firstov: The rise of crypto salaries is a strong signal that digital assets are no longer just speculative investments but legitimate forms of income. As more people earn in crypto, they naturally expect to spend it without friction. The Spend card fits perfectly into this shift because it gives users a direct and secure way to use their crypto for everyday purchases, from coffee shops to airline tickets, without needing to convert back into fiat manually. Arthur Firstov: We’ve observed this behavioral shift particularly among remote workers, freelancers, and Web3 developers. These individuals often get paid in crypto and prefer to keep control of their earnings. By integrating with Ledger and maintaining a self-custodial design, we are not just enabling spending, we are empowering users to stay flexible without giving up utility. Furthermore, the ability to use crypto directly for payments strengthens its role as a medium of exchange. It also adds pressure on merchants and payment providers to accept and process crypto more natively, which drives the flywheel of adoption. The Spend card is not just a product but a response to a cultural shift in how people want to earn, save, and spend. Ishan Pandey: Looking into 2025, what’s Mercuryo’s broader strategy for bridging crypto and traditional finance? Ishan Pandey: Arthur Firstov: Our strategy for 2025 revolves around infrastructure unification. We are focused on building payment rails and liquidity systems that allow users and businesses to move between fiat and crypto as easily as they switch between currencies today. This includes expanding our on-ramp and off-ramp solutions, deepening compliance infrastructure, and working with more traditional financial institutions to integrate crypto payment capabilities. Arthur Firstov: One of our biggest goals is to enable crypto platforms and their users with a complete loop of payment use cases from on-ramps, to spend and to lifestyle perks and benefits. We have support of major blockchain foundations and stablecoin issuers that also want to bring their products to masses through Mercuryo. At the core of our strategy is the belief that the future of finance is not about replacing TradFi or DeFi but connecting them. We want to make digital assets usable, intuitive in real world without compromising on the core values of decentralization. The Spend card is just the beginning of a broader mission to grow levels of financial inclusion. Don’t forget to like and share the story!

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