1inch has launched a crypto debit card in partnership with MasterCard and Banx
Decentralized finance (DeFi) 1inch network has launched a new debit card with cryptocurrency to fiat currency bridge functionality. The new card is developed in collaboration with MasterCard and Baanx.
According to a blog post from 1 Inch, the new debit cards will feature a physical card with full functionality, including a serial number, expiration date and a “CVC” security code required to carry out certain transactions. It will also have a virtual card feature that allows users to make transactions digitally when supported.
According to Christian Rau, Senior Vice President, Crypto and Fintech Enablement at MasterCard, the new card serves as an important bridge between the Web3 and Web2 worlds.
We've long championed solutions that not only meet customers wherever they are, but also deliver peace of mind and high levels of security everywhere. Using MasterCard's leading technology and standards, 1inchCard is bridging the Web2 and Web3 worlds in innovative ways.
While the most popular crypto and web3 exchanges have robust features for converting fiat to crypto and vice versa, such conversion adds additional steps to the payment process. This can delay transactions, increase security risks and add additional fees to the process.
The advent of crypto-to-fiat debit purchases allows users to keep their crypto and web3 funds at a single conversion rate, regardless of the point of purchase.
Related: MasterCard Sees Partnerships as Key to Blockchain Money Sending in Latham
So far, the cards are only available in the United Kingdom and the European Economic Area. However, according to 1 inch, the company is looking to expand the program.
Orest Gavryliak, legal officer at 1inch Network, told Cointelegraph, “The expansion of the service area depends on our partners. We are really working on the geographical expansion for the 1inch card. Stay tuned!”
In a post on the X social media app, 1inch Network founder Sege Kunz showed off the new card's virtual payment feature with one touch of a smartphone.
