1inch Network has rolled out its new Web3 1inch crypto debit card in partnership with Mastercard and Baanx. The 1inch Card will be available in physical and virtual forms.
Users will be provided with the standard debit card benefits and features. The idea of the card is to simplify everyday crypto transactions across ATM’s.
Furthermore, 1inch Network is also aiming to bridge the gap between Web3 and Web2 worlds through this card. The integration of Mastercard’s technology allows users to seamlessly convert their crypto assets into fiat currency.
Security and convenience will make online and in-person purchases easier than ever before. Naturally, users from the 145 supported countries will be able to withdraw funds from selected ATM’s.
1/ Hot off the press!
We're unveiling the groundbreaking 💳 #1inchCard in partnership with @Mastercard and @CL_Technology!
Your #crypto is about to go from hodl to spend, online and in-person, wrapped in an exclusive design.
👉 Get early access: https://t.co/SHaFiOj7u4#DeFi pic.twitter.com/ldX5K5b0ap
— 1inch Network (@1inch) April 8, 2024
1inch Crypto Debit Card
Christian Rau, Mastercard’s senior vice president of crypto and fintech enablement said: “We’ve long championed solutions that not only meet customers where they are, but also deliver ubiquity, peace of mind and the highest levels of security.
“Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way, he added.”
1inch Network is moving away from the more traditional methods of converting crypto to fiat. Users would undertake a series of steps for conversions, but they have streamlined the process.
Users will now be able to maintain custody of their assets with a single conversion rate during online or in-person purchases.
👀 @1inch ❤️ @Mastercard by @CL_Technology pic.twitter.com/81akL0cPeK
— Sergej Kunz (@deacix) April 8, 2024
Pending partnerships and regulatory approvals, 1inch Network aims to roll out the new 1inch Card across the world. Currently, it is available in the UK and other European nations.
“We already have a lot of people who are using one 1inch for swaps, limit orders and also as a developer portal,” explained 1inch co-founder Sergej Kunz.
“But we wanted to also onboard the man on the street who is holding crypto. So we decided to go with the 1inch card because it offers us an additional entry point for new people,” he added.
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