1inch Network is launching a new crypto debit card featuring bitcoin-to-fiat currency bridge capability in partnership with Baanx and MasterCard
The new debit cards will have full functionality, including a physical card with the account number, expiration date, and the “CVC” security code needed to complete some transactions, according to a blog post from 1inch. Additionally, where supported, it will contain a virtual card capability that lets users make purchases online.
According to a statement from Christian Rau, Senior Vice President of Fintech Enablement at Mastercard, the new card acted as an essential link between the web2 and web3 worlds:
“We’ve long championed solutions that not only meet customers where they are, but also deliver ubiquity, peace of mind and the highest levels of security. Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way.”
Most well-known web3 and cryptocurrency exchanges offer strong tools for converting fiat to cryptocurrency and vice versa, although doing so requires additional steps in the payment procedure. This may cause transactions to move more slowly, raise security concerns, and incur extra costs.
With just one conversion rate to take into account at the time of purchase, users may now maintain custody of their web3 and cryptocurrency funds thanks to the introduction of crypto-to-fiat debit purchases.
The cards are only currently accessible in the UK and the economic regions of Europe. Nevertheless, 1inch claims that the corporation wants to grow the program.
The Chief Legal Officer at 1inch Network, Orest Gavryliak, told Cointelegraph, “Our partners are the ones who determine how big the service area can get.” Yes, we are working on expanding the 1-inch card’s geographic reach. Keep checking back!
Co-founder of 1inch Network Segej Kunz demonstrated the new card’s virtual payment feature in a post on the social media app X by using their smartphone to do a one-touch transaction.
