According to a statement released by the firms on Monday, 1inch Network, a decentralised exchange (DEX) aggregator, has developed a Web3 debit card in collaboration with Baanx, a cryptocurrency card developer, and with major payment provider Mastercard.
According to a news release, users of the 1inch Card will be able to transact with cryptocurrency seamlessly at participating ATMs to withdraw cash and make purchases both online and offline. Crypto storage provider Ledger also makes use of Baanx’s “Crypto Life” card.
Visa and Mastercard, two major payment networks, have recently begun investigating the potential intersections between Web3 applications and wallets and payments. One prominent Ethereum-based wallet, Metamask, was reportedly compatible with Mastercard.
Co-founder Sergej Kunz of 1inch remarked in an interview, “We already have a lot of people using one 1inch for swaps, limit orders, and also as a developer portal.” But we also wanted to include the average person who carries cryptocurrency in our network. We chose the 1 inch card because it gives us another way to welcome new customers. those who have greater experience in the conventional world, paying with cryptocurrency, and using debit cards.
According to Simon Jones, chief commercial officer of Baanx, the company works with Ledger, Tezos, and other companies. Its goal is to integrate the traditional and cryptocurrency worlds in a way that empowers people.
“We are providing cryptocurrency with no compromises. Stated differently, users retain the autonomy to determine how they wish to utilise, lend, trade, or engage in other activities related to their digital assets. In an interview, Jones stated, “But also make these acceptable and spendable in over 160 million locations worldwide.”
The 1inch Card offers customers all the features of a traditional debit card and will be available as both a physical and virtual card.
“The 1inch Card is connecting Web2 and Web3 worlds in an innovative way by leveraging Mastercard’s leading technology and standards,” stated Christian Rau, Senior Vice President, Fintech Enablement at Mastercard, in a release.