Decentralized exchange (DEX) aggregator 1inch Network has created a Web3 debit card in partnership with crypto card developer Baanx and powered by payments giant Mastercard, the companies said on Monday.
The 1inch Card will allow users to use their crypto for online and in-person purchases and make cash withdrawals at supported ATMs through seamless crypto-to-fiat conversion, according to a press release. Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger.
Large payment networks like Mastercard and Visa have lately been exploring where Web3 applications and wallets will crossover with payments. Mastercard was recently reported to be working with Metamask, the popular Ethereum-based wallet, for instance.
“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.”
The mission for Baanx, which works with Ledger, Tezos and others, is to marry the traditional and the crypto world in a way that empowers users, explained the firm’s chief commercial officer, Simon Jones.
“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 said in an interview.
The 1inch Card will come in the form of a physical card, as well as a virtual card, providing users with all benefits of a standard debit card.
“Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way,” said Christian Rau, Senior Vice President, Crypto and Fintech Enablement at Mastercard in a statement.
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