1inch, Mastercard launch new crypto debit card

A new crypto debit card has entered the fintech ecosystem with a crypto-to-fiat bridging feature. DeFi company 1inch has partnered with card payments giant Mastercard to launch the card. The card was developed by Baanx, a cryptocurrency payments specialist authorized by the UK Financial Conduct Authority (FCA). Mastercard believes that cryptocurrency-enabled cards are an important tool in bridging the gap between fiat currencies and cryptocurrencies. The US-based company has been taking several cryptocurrency-enabled steps over the years to build its reputation in the Web3 space.

1inch’s debit card will allow holders to make online and retail purchases via cryptocurrency. The card can be used anywhere Mastercard is accepted.

Sergej Kunz, co-founder of 1inch, said: “This is another important step to allow mass users to join DeFi.” “Through 1inch Card, users can benefit from the advantages of DeFi and traditional finance at the same time.”

The card will allow holders to convert their capital from fiat currencies to cryptocurrencies. However, the crypto tokens are required in the holder’s 1-inch wallet.

Simon Jones, chief commercial officer of Baanx and Crypto Life, said: “Baanx is delighted to be working with Mastercard to integrate the Crypto Life card into the 1inch user ecosystem and looks forward to a successful partnership.”

Mastercard will provide the underlying technology supporting the card. Each card is engraved with traditional details such as number, expiry date and CVC.

“Leveraging Mastercard’s leading technology and standards, the 1inch card is connecting the Web2 and Web3 worlds in innovative ways,” said Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard.

The credit card giant recently made a move to support cryptocurrencies, launching a cryptocurrency-based loyalty rewards program. The company has partnered with cryptocurrency exchanges such as Binance, Nexo and Gemini to offer cryptocurrency-linked payment cards in some countries.

The new debit card will currently be available in the UK and European Economic Area (EAA) during an initial rollout phase. If interested users want to get the card, a waiting list is now open.