Home CryptocurrencyBitcoin 1inch Introduces Crypto Debit Card in Partnership with MasterCard and Baanx

1inch Introduces Crypto Debit Card in Partnership with MasterCard and Baanx

by SuperiorInvest

Decentralized finance (DeFi) company 1inch Network has introduced a new debit card with bridging functionality between cryptocurrencies and fiat currency. The new card was developed in partnership with MasterCard and Baanx.

According to a blog post from 1inch, the new debit cards will feature full functionality, including a physical card with the account number, expiration date, and “CVC” security code needed to make some transactions. It will also have a virtual card feature that will allow users to transact digitally where possible.

Christian Rau, senior vice president of cryptocurrency and fintech enablement at Mastercard, said in a statement that the new card served as a necessary bridge between the web3 and web2 worlds:

“We have long championed solutions that not only reach customers wherever they are, but also provide ubiquity, peace of mind and the highest levels of security. Leveraging Mastercard’s leading technology and standards, the 1-inch card connects the Web2 and Web3 worlds in an innovative way.”

While the most popular web3 and cryptocurrency exchanges have robust features for converting fiat to cryptocurrency, and vice versa, such conversion adds extra steps to the payment process. This can slow down transactions, increase security risks, and add additional fees to the process.

The arrival of cryptocurrency to fiat debit purchases allows users to retain custody of their crypto and web3 funds with a unique conversion rate to consider at the time of purchase.

Related: Mastercard sees partnerships as key to blockchain remittances in Latam

The cards are currently only available in the UK and European economic areas. However, according to 1inch, the company is looking to expand the program.

Orest Gavryliak, chief legal officer of 1inch Network, told Cointelegraph that “the expansion of the service area depends on our partners. In fact, we are working on geographical expansion of the 1-inch card. Stay tuned!”

In a post on social media app

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