Mastercard to Empower 1inch Network's Web3 Debit Card through Direct Integration
1inch Network, Baanx, and Mastercard Collaborate on Web3 Debit Card
The 1inch Network, a leading DeFi platform, has partnered with Baanx and Mastercard to develop a Web3 debit card. This partnership marks an exciting step forward in bridging the gap between traditional finance and the world of cryptocurrencies.
Baanx, a crypto card maker, will act as the issuer and technology provider for the new 1inch Web3 debit card. According to Baanx's Chief Commercial Officer, Simon Jones, the company is on a mission to marry the traditional and crypto world.
The 1inch card does not compromise on crypto use. It allows users to withdraw fiat currency from supported ATMs and convert their digital assets into fiat currency for online or in-person shopping. This makes it an additional entry point for new users who are more familiar with traditional finance and credit cards, as stated by 1inch co-founder Sergej Kunz.
Mastercard, one of the best-placed institutions to help Baanx achieve this goal, according to Simon Jones, is also part of the partnership. The 1inch card enables users to make their digital assets spendable in over 160 million locations worldwide.
Baanx has previously worked with other notable entities in the crypto space, including Ledger, a cold wallet provider, and Tezos, a layer-1 blockchain, on credit card development. This partnership with 1inch and Mastercard is another step in Baanx's mission to bring crypto to the masses.
The 1inch Network has also partnered with MetaMask in the past, making this Mastercard's second major Web3 partnership for debit card development. According to Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard, the 1inch card connects the Web2 and Web3 worlds in an innovative way.
The 1inch Web3 debit card aims to onboard the ordinary man on the street who holds crypto. It will be issued both as a physical card and a virtual card, providing users with flexibility in how they choose to use their digital assets.
With the 1inch Web3 debit card, 1inch is building on the functions its platform already supports, including crypto swaps and limit orders. This new development is set to make the 1inch Network more accessible to a wider audience, further solidifying its position in the DeFi space.
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