1inch, a decentralized exchange aggregator, has recently announced the launch of a crypto debit card in partnership with Mastercard and Baanx. This new card will allow crypto users to make online and in-person purchases, as well as cash withdrawals at supported ATMs through crypto-to-fiat conversion. Sergej Kunz, the co-founder of 1inch, sees this as a significant step towards onboarding more users to DeFi, as it combines the benefits of both decentralized finance and traditional finance.
The 1inch Crypto Card is issued by Baanx’s ‘Crypto Life’ card, which is also used by Ledger, a crypto storage firm. The card comes in both physical and virtual forms, and functions similar to a normal debit card with a number, validity date, and CVC for day-to-day transactions. When a payment is made, the cryptocurrencies are converted to fiat instantly and securely, allowing users to use fiat to pay for goods and services. Additionally, card holders can withdraw cash using a physical or digital 1inch Card at any ATM that accepts Mastercard worldwide.
Christian Rau, the senior VP of crypto at Mastercard, praised the 1inch Card for bridging the gap between Web2 and Web3 worlds in an innovative manner. The card will initially be available to crypto users in the UK and the European Economic Area (EEA) countries, although the specific crypto assets supported by the card were not disclosed in the announcement. Baanx is excited to integrate the Crypto Life Card into the 1inch user ecosystem and is optimistic about the success of this partnership with Mastercard.
The partnership between 1inch, Mastercard, and Baanx represents a significant advancement in the integration of traditional finance and decentralized finance. By offering a seamless way for users to access and spend their crypto assets, the 1inch Crypto Card aims to make DeFi more accessible to mainstream users. With the ability to make online and in-person purchases, as well as cash withdrawals at ATMs, the card provides a convenient and practical solution for crypto users looking to utilize their assets in real-world transactions.
Overall, the launch of the 1inch Crypto Card signals a growing trend towards the mainstream adoption of cryptocurrencies and decentralized finance. By leveraging the expertise of industry leaders like Mastercard and partnerships with established companies like Baanx, 1inch is paving the way for a future where crypto users can seamlessly integrate their digital assets into their everyday lives. With the potential to reach a wide audience of users in the UK and EEA countries, the 1inch Card represents a significant advancement in the ongoing evolution of the crypto space.
