1inch Introduces Web3 Debit Card in Collaboration with Mastercard and Baanx

.. By Thomas Peterson

April 10, 2024

2 min read

Reading Time: Read Time 2 minutes

1inch Network, a prominent decentralized exchange (DEX) aggregator, has unveiled an innovative crypto debit card in partnership with Baanx, a leading crypto card developer, and powered by global payments giant Mastercard. The introduction of the 1inch Card marks a significant milestone in the convergence of traditional finance and the burgeoning Web3 ecosystem.

Seamlessly Bridging Crypto and Fiat

The 1inch Card is designed to offer users unparalleled convenience and flexibility in utilizing their crypto assets for both online and in-person purchases, as well as cash withdrawals at supported ATMs. Through seamless crypto-to-fiat conversion, users can access their funds effortlessly, expanding the utility of their digital assets in everyday transactions.

Collaboration with Baanx and Mastercard

Baanx’s renowned “Crypto Life” card serves as the foundation for the 1inch Card, providing users with a robust and user-friendly payment solution. Leveraging Mastercard’s extensive network and cutting-edge technology, the 1inch Card ensures global acceptance and reliability, empowering users to transact with confidence.

Advancing Web3 Adoption

The partnership between 1inch Network, Baanx, and Mastercard reflects a broader trend of established payment networks exploring the intersection of Web3 applications and traditional payments. With Mastercard’s reported collaboration with Ethereum wallet Metamask, the integration of crypto into mainstream finance is accelerating, providing users with seamless access to decentralized financial services.

Empowering Users with Choice

Baanx’s mission to empower users resonates with the ethos of the crypto community, offering individuals the freedom to manage their digital assets according to their preferences. By providing a platform for users to make informed decisions about spending, lending, and trading digital assets, Baanx aims to bridge the gap between traditional finance and the crypto world.

Physical and Virtual Card Options

The 1inch Card will be available in both physical and virtual forms, offering users the flexibility to choose the option that best suits their lifestyle and preferences. Whether it’s swiping a physical card at a local store or making online purchases with a virtual card, users can enjoy the benefits of a standard debit card seamlessly integrated with their crypto assets.

Mastercard’s Endorsement

Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard, expressed enthusiasm for the innovative collaboration, highlighting Mastercard’s commitment to driving innovation and connectivity between the Web2 and Web3 worlds. Leveraging Mastercard’s technology and standards, the 1inch Card represents a groundbreaking initiative in bridging traditional finance with the emerging crypto landscape.