#1INCH Decentralized finance (DeFi) company 1inch Network has launched a new debit card that bridges cryptocurrencies with fiat currencies. The new card was developed in partnership with Mastercard and Baanx.
According to a blog post from 1inch, the new debit card will be fully functional, including a physical card with an account number, expiration date, and “CVC” security code needed to make certain transactions. It will also have a virtual card feature that will allow users to make digital transactions where supported.
Christian Rau, senior vice president of crypto and fintech support at Mastercard, said in a statement that the new card serves as a necessary bridge between the Web3 and Web2 worlds:
We have long advocated solutions that not only meet customer needs but also provide ubiquity, peace of mind and the highest level of security. Leveraging Mastercard's leading technology and standards, 1inch Card is bridging the Web2 and Web3 worlds in innovative ways.
While most popular cryptocurrency and Web3 exchanges have robust features for converting fiat to crypto and vice versa, such conversions add extra steps to the process. pay. This can slow down transactions, increase security risks, and add fees.
Currently, the card is only available in the UK and European Economic Areas. However, according to 1inch, the company is looking to expand globally.
