Decentralized trading aggregator 1inch Network announced on Monday (8th) that it has partnered with cryptocurrency card developer Baanx and payment giant Mastercard to launch the Web3 debit card. The “1inch Card” will allow users to seamlessly convert cryptocurrencies into fiat currencies for online and offline shopping at locations worldwide that accept Mastercard, as well as withdraw cash from supported ATMs.
The 1inch Card will be issued by Crypto Life and exclusively supported by the Mastercard network. It will be available in both physical and virtual card forms, providing users with all the benefits of a standard debit card. According to the press release, the 1inch Card will be able to “quickly and securely convert your 1inch Wallet cryptocurrency into a fiat balance on your 1inch Card at competitive rates.” The financial card will initially target users in the United Kingdom and the European Economic Area (EEA).
Sergej Kunz, co-founder of 1inch, stated that this is another significant move for mainstream users to join DeFi, saying, “With the 1inch Card, users can benefit from both DeFi and traditional finance.”
Christian Rau, Senior Vice President of Cryptocurrency and Fintech Enabler Division at Mastercard, said in a statement, “With 1inch Card, users can enjoy the advantages of both DeFi and traditional finance.”
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