1inch Launches a Crypto-Fiat Debit Card With Mastercard, Baanx

1inch Launches a Crypto-Fiat Debit Card With Mastercard, Baanx

1inch Launches a Crypto-Fiat Debit Card With Mastercard, Baanx

In a move towards mainstream crypto adoption, 1inch Network has joined forces with payments giant Mastercard and fintech firm Baanx to roll out a Web3 debit card.

Dubbed the “1inch Card,” this innovative offering allows users to seamlessly spend their digital assets for online purchases, in-person transactions, and cash withdrawals at ATMs globally.

The collaboration brings together key players from the traditional finance and DeFi realms. While 1inch provides the DeFi backbone through its renowned DEX aggregator platform, Mastercard contributes its vast merchant network and cutting-edge payment rails. Baanx’s “Crypto Life” technology enables the crucial bridge between crypto and fiat currencies.

“This is another major step towards onboarding mass users to DeFi,” asserted Sergej Kunz, 1inch’s co-founder.

By providing a familiar debit card experience backed by Mastercard’s brand recognition, the 1inch Card could entice newcomers to explore DeFi’s boundless opportunities.

Simon Jones, Chief Commercial Officer at Baanx, emphasized the empowering nature of their solution: “Users can make their own decisions about how they want to spend, lend, trade or whatever they want to do with their digital assets. But also make these acceptable and spendable in over 160 million locations worldwide.”

While initially launching for UK and European Economic Area residents, the partners are actively pursuing geographic expansion to make this game-changing capability accessible to a broader userbase.

This collaboration extends beyond the core trio of 1inch Network, Mastercard, and Baanx. The project is being financially supported by the Tezos Foundation, an investor in Baanx, with Tezos serving as one of the supporting blockchains at launch.

Amar Odedra, Head of VC across the Tezos ecosystem, highlighted the significance of this partnership, stating, “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.”

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