Baanx, well-known for its crypto card technology, is also collaborating on this initiative.
The card lets users spend their crypto assets directly at more than 160 million places.
The cryptocurrency effort of 1inch Network, an aggregator of decentralized exchanges (DEXs), includes the introduction of a Web3 crypto debit card. Baanx, a developer well-known for its crypto card technology, is collaborating on this initiative with the backing of Mastercard, a worldwide payments giant.
The 1inch Card is a new product that will change the way people use cryptocurrencies. It will let them buy things online and in stores, and withdraw cash from ATMs that accept cryptocurrencies.
Bridging the Gap
An important step toward integrating decentralized finance (DeFi) with conventional banking systems has been the release of the 1-inch Card. The card lets users spend their crypto assets directly at more than 160 million places, thereby bridging the gap between cryptocurrencies and normal financial transactions.
Moreover, the integration of the 1inch Network with the Web3 debit card services goes beyond the addition of a new cryptocurrency payment option. Also, the general public’s access to and use of cryptocurrencies is the goal of this project’s component.
1inch co-founder Sergej Kunz said that the target audience consists of those who are not very active in the cryptocurrency community but who do own cryptocurrency. To facilitate the integration of new users into the crypto ecosystem, the 1-inch Card presents a familiar tool in the form of a debit card.
In that respect, a strategic alliance with payment behemoth Mastercard was contemplated. Digital assets may be easily integrated into everyday transactions with the help of the company’s long-term expertise and technology.
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