1inch Network Partners with Mastercard and Baanx to Launch Web3 Debit Card | Blockster

In a significant move towards bridging the gap between traditional finance and the rapidly expanding Web3 ecosystem, 1inch Network has collaborated with Mastercard and Baanx to introduce the innovative 1inch Card. This crypto debit card aims to provide users with seamless access to their digital assets for both online and offline transactions, as well as cash withdrawals at supported ATMs.

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The 1inch Card, developed in partnership with Baanx, a prominent crypto card developer, is powered by Mastercard's extensive infrastructure. Baanx's expertise in the crypto card space, along with Mastercard's credibility, positions the 1inch Card as a versatile payment solution tailored for the modern crypto enthusiast.

Key Features

Seamless Crypto-to-Fiat Conversion: The 1inch Card enables users to convert their cryptocurrency holdings into fiat currency effortlessly, facilitating convenient transactions and cash withdrawals at millions of merchant locations worldwide.
Physical and Virtual Options: Users have the flexibility to choose between physical and virtual card formats, providing them with options suited to their preferences and lifestyle.
Global Acceptance: Leveraging Mastercard's global network, the 1inch Card offers widespread acceptance at over 160 million merchant locations worldwide, ensuring users can transact with confidence wherever they go.

The launch of the 1inch Card reflects a broader trend towards integrating Web3 applications with traditional payment networks. Mastercard's collaboration with Metamask, a popular Ethereum wallet, further underscores the company's commitment to embracing decentralized finance (DeFi) and blockchain technology.

“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.”

Sergej Kunz
Simon Jones, Chief Commercial Officer at Baanx, highlights the firm's mission to empower users by offering "crypto without compromise." The 1inch Card enables users to retain autonomy over their digital assets while providing unparalleled flexibility in their spending choices.

Mastercard's Endorsement

Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard, lauds the innovative nature of the 1inch Card, emphasizing its role in connecting the worlds of Web2 and Web3 in a seamless manner. Mastercard's endorsement underscores the significance of this collaboration in driving forward the adoption of crypto-enabled payment solutions.

The launch of the 1inch Card signifies a major advancement in the realm of crypto-enabled payments. By combining cutting-edge technology with the credibility of established financial networks, 1inch, Baanx, and Mastercard have paved the way for enhanced accessibility and convenience in the world of digital finance.