Overview
The 1inch Network, a leading decentralized exchange (DEX) aggregator, has launched a groundbreaking Web3 debit card in collaboration with Baanx and powered by Mastercard. This innovative card enables users to spend crypto seamlessly for online/offline purchases and ATM withdrawals via instant crypto-to-fiat conversion.
Key Features of the 1inch Card
- Multi-Format Access: Available as both a physical and virtual debit card.
- Global Usability: Accepted at 160+ million locations worldwide.
- ATM Compatibility: Supports cash withdrawals at Mastercard-affiliated ATMs.
- Crypto Integration: Direct spending of crypto assets without manual conversion.
👉 Explore the future of crypto payments with 1inch Card
Bridging Web2 and Web3 Payments
Mastercard’s involvement underscores the growing synergy between traditional finance and decentralized technologies. The card leverages:
- Mastercard’s infrastructure for widespread merchant acceptance.
- Baanx’s "Crypto Life" platform (also used by Ledger) for secure crypto transactions.
Sergej Kunz, 1inch co-founder, emphasized:
"This card onboard traditional users by merging crypto utility with familiar payment methods."
Industry Trends in Crypto Payments
- Partnerships: Mastercard’s rumored collaboration with MetaMask highlights increasing Web3 adoption.
- Competition: Visa and other payment giants are similarly exploring blockchain integrations.
👉 Why Mastercard’s crypto strategy matters
FAQs
1. How does the 1inch Card convert crypto to fiat?
The card automates conversions at the point of sale using real-time rates, ensuring smooth transactions without user intervention.
2. Is the card available globally?
Yes, it operates wherever Mastercard is accepted, with additional ATM support for cash withdrawals.
3. What cryptocurrencies are supported?
Details are pending, but expect major assets like Bitcoin and Ethereum initially.
4. Are there fees for crypto conversions?
Baanx aims for minimal fees, though specifics will be disclosed upon launch.
5. How does this compare to Ledger’s Crypto Life card?
Both use Baanx’s platform, but the 1inch Card targets DEX users with tailored DeFi integrations.
Strategic Implications
Simon Jones of Baanx noted:
"Our goal is crypto without compromise—giving users full control while ensuring mainstream spendability."
This launch positions 1inch as a pioneer in real-world crypto utility, combining DeFi innovation with traditional payment rails.
For further updates, follow official 1inch Network announcements.
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