Key takeaways:
- The new debit card from DeFi company 1inch Network features a crypto-to-fiat bridging feature. Baanx and Mastercard collaborated to build the new Card.
- Currently, the cards are only accessible in the economic regions of Europe and the United Kingdom.
The new debit card from 1inch Network, a Decentralized Finance (DeFi) company, features a cryptocurrency-to-fiat bridging feature. Baanx and Mastercard collaborated to build the new Card.
According to a blog post from 1inch, the new debit cards will have full functionality, including a physical card with an account number, expiration date, and the “CVC” security code needed to complete certain transactions. Additionally, where supported, they will contain a virtual card capability that lets users make purchases online.
In a statement, Christian Rau, senior vice president of Mastercard’s fintech and cryptocurrency enablement, noted that the new Card acts as an essential link between the Web2 and Web3 worlds:
“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.”
Although most well-known Web3 and cryptocurrency exchanges offer solid tools for converting fiat to cryptocurrency and vice versa, this conversion adds extra stages to the payment process. This may cause transactions to lag, raise security concerns, and incur additional costs.
With only one conversion rate to consider at the time of purchase, consumers may now maintain custody of their Web3 and cryptocurrency funds thanks to the introduction of crypto-to-fiat debit purchases.
Currently, the cards are only accessible in the economic regions of Europe and the United Kingdom. Nonetheless, 1inch claims that the corporation wants to grow the program.
Segej Kunz, a co-founder of 1inch Network, demonstrated the new Card’s virtual payment feature by using his smartphone to complete a one-touch purchase in a post on the social media app X (formerly Twitter).
