7 months ago
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1inch Network, in collaboration with crypto card developer Baanx and payment giant Mastercard, announced the launch of the 1inch Card.
The new web3 debit card aims to simplify the use of cryptocurrencies for everyday transactions.
“The 1inch Card will allow users to use their crypto for online and in-person purchases and make cash withdrawals at supported ATMs through seamless crypto-to-fiat conversion,” according to a press release.
The move is part of a growing trend among large payment networks, such as Mastercard and Visa, to integrate web3 applications and wallets into their payment systems.
“We already have a lot of people who are using 1inch for swaps, limit orders, and also as a developer portal. But we wanted to also onboard the man on the street who is holding crypto,” 1inch Co-Founder Sergej Kunz said in the release.
In addition to providing a bridge between digital and fiat currencies, the 1inch Card comes in physical and virtual forms, ensuring users receive the full benefits of a standard debit card.
Kunz posted about the real-life usage of the virtual debit card as he tapped his phone to complete a transaction, demonstrating that the card is already live and in use.
The partnership with Baanx also underscores a shared mission to merge traditional financial mechanisms with the flexibility and potential of the crypto world.
Jones emphasized the user empowerment aspect, allowing crypto holders to use their digital assets across over 160 million locations worldwide.
“Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way,” highlighted Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard, emphasizing the technological synergy behind this initiative.
