Decentralized exchange (DEX) aggregator 1inch Network partnered with payment corporation Mastercard and cryptocurrency payments company Baanx to launch a Web3 debit card. The novel card enables users to utilize cryptocurrency for online and peer-to-peer transactions, facilitating smooth conversion from cryptocurrency to fiat currency.
Operated by Web3 card services provider Crypto Life, the new card will be presented in physical and virtual formats, providing users the full range of advantages typically associated with conventional payment solutions.
Both 1inch Card formats will serve a payers’ spending requirements while connecting to a 1inch Wallet for easy access. Physical cards will enable withdrawals from ATMs that accept Mastercard, while virtual cards are suitable for contactless withdrawals where available. Furthermore, the 1inch Card integrates with Apple Pay and Google Pay, enabling one-touch payments for daily purchases at physical stores and facilitating contactless transactions.
1inch Network initially will issue the new card to residents of the United Kingdom and the European Economic Area (EEA). All interested users can register themselves in the waiting list to secure their spot as the first card recipients.
Sergej Kunz, co-founder of 1inch, mentioned in a written statement that the launch of this new product marks a crucial stride toward introducing a broader audience to decentralized finance (DeFi). He emphasized that with the 1inch Card, users can reap the advantages offered by DeFi and traditional finance sectors.
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
Major Payment Networks Venture into Web3 Integration
The company’s decentralized application (dApp) is a leading DeFi aggregator. It grants users access to extensive liquidity pools and optimal token swap rates across various DEXs. It features distinctive functionalities encompassing partial fill, the Chi gas token, and the capability to identify the most advantageous swap paths across numerous liquidity sources.
Major payment networks like Mastercard and Visa have been delving into integrating applications and wallets within traditional payment systems. Recently, Mastercard partnered with the Ethereum-based wallet Metamask to facilitate seamless cryptocurrency payments using its debit cards.
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