1inch Network launches web3 debit card with Mastercard

The 1inch Card will be available in physical and virtual forms, providing users with standard debit card benefits

1inch Network, in partnership with Baanx and Mastercard, has rolled out the 1inch Card, a new Web3 debit card aiming to simplify cryptocurrency usage in everyday transactions.

This collaboration marks a significant step in bridging the gap between traditional financial systems and the emerging crypto landscape. The 1inch Card allows users to seamlessly convert their crypto assets into fiat currency, enabling them to make online and in-person purchases, as well as withdraw cash from supported ATMs.

Sergej Kunz, the co-founder of 1inch, emphasized the importance of reaching a broader audience, expressing that they wanted to onboard individuals from the general public who hold cryptocurrency.

This sentiment reflects a growing trend among large payment networks, like Mastercard and Visa, to integrate Web3 applications and wallets into their platforms.

For example, Visa and Transak recently partnered to simplify the conversion of cryptocurrencies into traditional currencies, allowing users in 145 countries to seamlessly convert their digital assets into fiat currencies through Visa Direct.

The 1inch Card comes in both physical and virtual forms, ensuring users have access to the full benefits of a standard debit card.

Initially, the availability of the 1inch Card, powered by Crypto Life and Mastercard, will be limited to users residing in the UK and EEA regions.

Simon Jones, chief commercial officer at Baanx, highlighted the empowerment aspect for users, allowing them to utilize their digital assets across a vast network of over 160 million locations worldwide.

Christian Rau, senior vice president of crypto and fintech enablement at Mastercard, added:

“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.”

This initiative not only simplifies cryptocurrency transactions but also represents a significant leap forward in the integration of digital assets into everyday life. By providing a seamless bridge between traditional finance and the crypto world, the 1inch Card sets the stage for widespread adoption of cryptocurrencies.

In other news, Mastercard’s previous crypto debit card venture in collaboration with Binance was discontinued last year in Argentina, Brazil, Colombia, and Bahrain. The decision came amid legal and regulatory challenges facing Binance.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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