Decentralized exchange aggregator 1inch has introduced a crypto debit card in partnership with Mastercard and Baanx, enabling users to make online and in-person purchases as well as withdrawals at supported ATMs through crypto-to-fiat conversion. Sergej Kunz, 1inch co-founder, stated that the card is a major step towards onboarding mass users to DeFi, allowing users to benefit from both DeFi and traditional finance advantages. The 1inch card is issued by Baanx’s ‘Crypto Life’ card, also used by Ledger, and comes in both physical and virtual forms. Like regular debit cards, the 1inch crypto card will have a number, validity date, and CVC for transactions, with cryptos converted to fiat at the time of payment for ease of use.
Baanx, the issuer of the Crypto Life card, expressed excitement about integrating the card into the 1inch user ecosystem in partnership with Mastercard, anticipating a successful collaboration. The 1inch card will facilitate fast and secure conversion of cryptos to fiat for everyday transactions, allowing users to pay for goods and services using fiat currency. Additionally, cardholders can use their physical or digital 1inch Card to withdraw cash at any ATM worldwide that accepts Mastercard. Christian Rau, senior VP of crypto at Mastercard, highlighted that the 1inch Card is connecting the Web2 and Web3 worlds in an innovative way by leveraging Mastercard’s technology and standards.
The 1inch Crypto Card is initially being launched for crypto users in the UK and European Economic Area countries, providing them with a convenient and secure way to utilize their crypto assets for purchases and withdrawals. The company has not specified which crypto assets the card will support, but it is expected to offer flexibility for users looking to access both the DeFi and traditional financial systems. With the ability to seamlessly convert cryptos to fiat for transactions, the 1inch card aims to bridge the gap between decentralized finance and traditional financial services, offering users the best of both worlds.
This groundbreaking collaboration between 1inch, Mastercard, and Baanx marks a significant milestone in the adoption of decentralized finance by mainstream users, as the crypto card opens up new possibilities for utilizing digital assets in everyday transactions. By enabling crypto users to easily spend their assets online and in-person, the 1inch Card is poised to attract a wider audience to the world of DeFi, driving further innovation and integration between crypto and traditional financial systems. The streamlined conversion process from cryptos to fiat for transactions is expected to enhance user convenience and accessibility, making it easier for individuals to embrace the benefits of both DeFi and traditional finance.
Overall, the launch of the 1inch Crypto Card represents a significant advancement in the convergence of DeFi and traditional finance, offering users a seamless and secure way to access both ecosystems. As more individuals seek to leverage their crypto assets for everyday purchases and transactions, initiatives like the 1inch card play a vital role in bridging the gap between digital and traditional financial systems. With the support of industry leaders like Mastercard and Baanx, the 1inch card is well-positioned to bring DeFi to a broader audience and drive further innovation in the crypto space. By offering a convenient and user-friendly solution for utilizing digital assets, the 1inch Crypto Card sets a new standard for integrating blockchain technology into mainstream financial services.
