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DeFi company 1inch has introduced the Web3 debit card in partnership with Mastercard and Baanx. The 1inch Card will enable users to use their cryptocurrencies for online and in-person purchases and withdraw cash from supported ATMs with seamless cryptocurrency-to-fiat currency conversion.
1inch Network has partnered with Mastercard-backed crypto card developer Baanx to launch the Web3 debit card. Baanx’s “Crypto Life” card is also used by crypto custodian Ledger. Mastercard has recently become more involved in Web3 with its Ethereum wallet Metamask.
The 1inch Card will allow users to use their cryptocurrencies for online and in-person purchases and withdraw cash from supported ATMs with conversion to fiat currency. Baanx’s “Crypto Life” card is also used by crypto custodian Ledger. Major payment networks such as Mastercard and Visa are exploring how Web3 applications and wallets will intersect with payments. Mastercard has recently reportedly been working with the popular Ethereum-based wallet Metamask.
“Many people already use 1inch for swaps, limit orders and also as a developer portal,” said Sergej Kunz, co-founder of 1inch. “But we also wanted to onboard ordinary people who hold crypto, so we decided to go with the 1inch card because it gives us an additional entry point for new people. For those who are more familiar with the traditional world and how to use a debit card and pay with crypto assets.”
Baanx’s mission, working with Ledger, Tezos and others, is to bring together the traditional and crypto worlds that empower users. Simon Jones, Baanx’s chief commercial officer, said, “We offer compromise-free crypto. In other words, users can decide what they want to do with their digital assets. But we make those assets acceptable and spendable in over 160 million locations worldwide.”
The 1inch Card will come as a physical card and a virtual card, providing users with all the benefits of a standard debit card. “Using Mastercard’s leading technology and standards, the 1inch Card innovatively unites the Web2 and Web3 worlds,” said Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard.
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