1inch introduces Web3 debit card in partnership with Mastercard
The 1inch Card will allow users to use their crypto for online and in-person purchases and withdraw cash from supported ATMs through seamless crypto-to-fiat conversion.
Decentralized exchange (DEX) aggregator 1inch Network has introduced a crypto debit card powered by Mastercard with developer Baanx.
The 1inch Card will allow users to use their crypto for online and in-person purchases and withdraw cash from supported ATMs through seamless crypto-to-fiat conversion. Baanx's "Crypto Life" card is also used by crypto storage company Ledger.
Payment networks such as Mastercard (MA) and Visa (V) have recently been exploring where Web3 applications and wallets will intersect with payments. Mastercard was recently reported to be working with very popular Ethereum-based wallet Metamask.
"We already have a lot of people who are using one 1inch for swaps, limit orders and also as a developer portal," said 1inch co-founder Sergej Kunz in an interview.
"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. Those who are more familiar with the traditional world and using a debit card and paying with crypto assets."
Simon Jones, the company's chief commercial officer, explained that Baanx's mission, which works with Ledger, Tezos and others, is to combine the traditional and crypto worlds in a way that empowers users.
"We are offering crypto without compromise. In other words, users can make their own decisions about how they want to spend, lend, trade or whatever they want to do with their digital assets. But also make these acceptable and spendable in over 160 million locations worldwide," Jones reportedly said in an interview.
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