1inch Network partners with Baanx, Mastercard to launch web3 debit card

1inch Network teamed up with Baanx, a crypto card developer, and Mastercard, the renowned payment company, to introduce the new 1inch Payment Card.

The new web3 debit card aims to simplify the use of cryptocurrencies for everyday transactions.

With the introduction of the 1inch Card, users can now easily spend their cryptocurrencies for both online and physical purchases, as well as withdraw cash from compatible ATMs through a smooth conversion process from crypto to fiat currency. (Press Release)

Large payment companies like Mastercard and Visa are increasingly incorporating web3 apps and digital wallets into their payment structures, reflecting a popular development in the industry.

“1inch already has many users who utilize our platform for swaps, limit orders, and developer resources. However, we aim to welcome cryptocurrency holders new to the scene as well,” explained 1inch Co-founder Sergej Kunz in the statement.

The 1inch Card offers users the advantage of connecting digital and traditional currencies. It is available in both physical and digital versions, allowing users to enjoy all the conveniences of a regular debit card.

Newly released! We’re excited to announce the innovative 1inchCard in collaboration with Mastercard and CL Technology. Transform your crypto from holding to spending, both online and offline, adorned with an exclusive design. 🎁 Hurry up and secure early access: #DeFi.

— 1inch Network (@1inch) April 8, 2024

Kunz shared an experience using a virtual debit card in reality. He made a purchase by simply tapping his phone, proving that the card was active and functional.

Through our collaboration with Baanx, we emphasize a common goal: blending the rigidity of conventional finance with the agility and possibilities of the cryptocurrency sphere.

Jones highlighted the importance of giving users control: they can utilize their cryptocurrencies at approximately 160 million global retail outlets.

Using Mastercard’s advanced technology and guidelines, the 1inch Card is bridging the gap between the Web2 and Web3 universes in a groundbreaking manner, according to Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard. This collaboration showcases the powerful technological alignment driving this project.

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2024-04-08 17:40