1inch Network Collaborates with MasterCard and Baanx to Launch Crypto-to-Fiat Debit Card
Summary:
1inch Network has partnered with MasterCard and Baanx to launch a new debit card that allows the conversion of cryptocurrency to fiat currency. The card, likely to streamline crypto transactions, offers both physical and virtual functionalities. The initial availability is limited to the UK and Europe, with plans for future expansion.
1inch Network, a company focused on decentralized finance (DeFi), has launched a new debit card with the ability to transfer cryptocurrency to traditional fiat currency. This new innovation was developed in collaboration with MasterCard and Baanx. As described in 1inch's blog post, the advanced debit card will not only be a physical tool with an account number, expiry date, and a "CVC" security code for specific transactions, but it will also offer a virtual feature that enables digital transactions in supported settings. Mastercard's Senior Vice President of Crypto and Fintech Enablement, Christian Rau, noted that the new card provides a crucial link between web3 and web2 realms. He mentioned that not only does it cater to customer needs, but also offers security and peace of mind, thanks to leveraging Mastercard's advanced technology and standards. Existing crypto and web3 platforms allow conversion from traditional money to crypto and back, but these transactions often involve additional steps, potentially elevating costs, reducing speed, and increasing security threats. The introduction of the capability to go directly from crypto to fiat with a debit card simplifies the process, allowing users to keep control of their crypto and web3 assets with just one exchange rate to consider at the time of purchase. As of now, the cards are accessible only in Europe and the UK. Yet, 1inch aims to broaden the initiative. According to Cointelegraph, Orest Gavryliak, 1inch Network's Chief Legal Officer, confirmed that they are indeed working towards expanding their service area. Segej Kunz, co-founder of 1inch Network, demonstrated the virtual payment feature of this new card by conducting a single-click transaction on his smartphone using the X social media app.
Published At
4/8/2024 7:35:19 PM
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