1inch Network, a decentralized finance (DeFi) firm, has launched a new debit card in collaboration with Mastercard and Baanx. This card aims to bridge the gap between cryptocurrency and fiat currencies, providing users with enhanced accessibility and usability.
Features of the New 1inch Debit Card
The newly introduced debit cards by 1inch will offer comprehensive functionality, including physical and virtual card options. The physical card will feature essential details such as an account number, expiration date, and CVC security code, enabling users to conduct transactions seamlessly. Additionally, the virtual card feature will allow digital transactions wherever supported, enhancing convenience for users.
Christian Rau, senior vice president of crypto and fintech enablement at Mastercard, emphasized the importance of bridging the gap between Web3 and Web2 worlds. He stated that the 1inch Card, leveraging Mastercard’s technology and standards, serves as an innovative solution to connect these two domains, providing customers with ubiquity, peace of mind, and enhanced security.
Streamlining Transactions
While popular crypto and Web3 exchanges offer robust features for converting between fiat and crypto currencies, such conversions often add complexity and additional steps to the payment process. This can result in slower transactions, increased security risks, and additional fees. The introduction of crypto-to-fiat debit purchases simplifies this process, enabling users to retain custody of their crypto and Web3 funds while considering a single conversion rate at the point of purchase.
Currently, the 1inch debit cards are available in the United Kingdom and European Economic Area. However, the company aims to expand the program to reach a broader audience. Orest Gavryliak, chief legal officer at 1inch Network, expressed the company’s commitment to geographical expansion, stating that the service area’s growth depends on their partners. He encouraged users to stay tuned for updates on the expansion of the 1inch card program.
1inch Network co-founder Segej Kunz showcased the virtual payment aspect of the new card through a post on the X social media app. He demonstrated a one-touch transaction using his smartphone, highlighting the ease and convenience offered by the 1inch debit card.
