1inch Network has partnered with Mastercard to launch a Web3 Crypto Card.
Use the 1inch Card to make crypto payments at over 160 million locations.
Experience a seamless transition between cryptocurrencies and fiat currency with 1inch’s innovative debit card.
1inch Network has recently launched a Web3 crypto debit card, adding to its offerings in the cryptocurrency industry. This project is a collaboration with Baanx, a renowned developer known for its expertise in crypto card technology, and it is backed by the global payments giant Mastercard.
This new product, called the 1inch Card, aims to transform how users interact with their cryptocurrencies. It enables online and in-person transactions and cash withdrawals at supported ATMs by seamlessly converting crypto to fiat.
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
Introducing the 1-inch Card into the market represents a significant advancement for the interface of decentralized finance (DeFi) and traditional banking systems. With this Card, users can effortlessly spend their crypto assets at over 160 million locations, bridging the gap between cryptocurrencies and standard financial transactions.
Improving User Experience
Expanding the 1inch Network into Web3 debit card services goes beyond simply offering an additional option for cryptocurrency payments. This project segment focuses on making cryptocurrency more accessible and user-friendly for a wide range of people.
Sergej Kunz, co-founder of 1inch, emphasized the goal of targeting individuals new to crypto but holding cryptocurrencies. The 1-inch Card introduces a familiar tool: a debit card. This simplifies the onboarding process for newcomers in the crypto ecosystem, aiming to bridge knowledge gaps.
Mastercard, a payment giant, was seen as a valuable strategic partner. The company’s extensive experience and advanced technology make integrating digital assets into everyday transactions seamless.
Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard praised the 1inch Card as an innovative solution that effectively connects Web2 and Web3. This collaboration signifies a significant advancement in the adoption and utilization of cryptocurrencies within the broader financial services industry.
1inch Network Expands Crypto Payments
Similarly, akin to an auditor, the recent move by 1inch Network and Mastercard aligns with a period where major payment networks exhibit a growing interest. They are investigating the links between Web3 applications, wallets, and traditional payment systems. Mastercard’s recent collaboration with Metamask, a widely-used Ethereum-based wallet platform, underscores the increasing desire. This desire is for individuals to incorporate cryptocurrencies into their everyday transactions.
Like an auditor, the 1-inch Card allows users to manage their digital assets as they desire. It is available in physical and virtual forms, offering all the advantages of a regular debit card.
Simon Jones, the Chief Commercial Officer at Baanx, emphasizes the goal of providing a seamless crypto experience. Users can freely utilize their digital assets for spending, lending, or trading while seamlessly integrating them into the global financial system.
