(This article has been updated with quotes form Tezos Foundation)
Decentralized exchange aggregator 1inch has unveiled a crypto debit card, which will enable crypto users for online and in-person purchases. The card is powered by payments giant Mastercard and developed in partnership with Baanx.
Per the announcement on Monday, the 1inch Crypto Card will allow users to make seamless cash withdrawals at supported ATMs through crypto-to-fiat conversion.
“This is another major step towards onboarding mass users to DeFi,” said Sergej Kunz, 1inch co-founder.
“With the 1inch Card, the user can benefit from the advantages of both DeFi and traditional finance.”
The card will launch with Tezos as a supporting blockchain. The project has been financially supported by the Tezos Foundation, which is an investor in Baanx.
Amar Odedra, Head of VC across the Tezos ecosystem told Cryptonews that the collaboration between Tezos, Baanx, and Mastercard represents a pivotal moment in the evolution of on-chain finance and its real world usage.
“By leveraging the power of blockchain technology, we are empowering users with greater control, security, and convenience in their everyday transactions.”
1/ Hot off the press!
We\'re unveiling the groundbreaking 💳 #1inchCard in partnership with @Mastercard and @CL_Technology!
Your #crypto is about to go from hodl to spend, online and in-person, wrapped in an exclusive design.
👉 Get early access: https://t.co/SHaFiOj7u4#DeFi pic. .com/ldX5K5b0ap
— 1inch Network (@1inch) April 8, 2024
Further, the 1inch card is issued by Baanx’s ‘Crypto Life’ card, which is also used by crypto storage firm Ledger. In addition to providing seamless crypto-fiat conversion, the 1inch crypto card comes in both physical and virtual forms.
👀 @1inch ❤️ @Mastercard by @CL_Technology pic. .com/81akL0cPeK
— Sergej Kunz (@deacix) April 8, 2024
“Baanx is pleased to integrate the Crypto Life Card into the 1inch user ecosystem in partnership with Mastercard and looks forward to a successful partnership,” Simon Jones, CCO, Baanx and Crypto Life noted.
Like normal debit cards, these crypto cards will carry a number, validity date and CVC, for day-to-day transactions. When a payment is made, the cryptos get converted to fiat immediately in a fast and secure manner, enabling users to pay for goods and services using fiat, the company noted.
Additionally, card holders can withdraw cash with a physical or digital 1inch Card at any ATM that accepts Mastercard worldwide.
“Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way,” said Christian Rau, senior VP of crypto at Mastercard.
The crypto card will be initially available to crypto users in the UK and the European Economic Area (EEA) countries. The company, however, did not mention the crypto assets that the card supports.