DeFi Firm 1inch Introduces Web3 Debit Card; Partners Mastercard, Baanx
Decentralized exchange aggregator 1inch Network has developed a Web3 debit card in partnership with crypto card developer Baanx and payments giant Mastercard. The 1inch Card allows users to use their crypto for online and in-person purchases and make cash withdrawals at supported ATMs through seamless crypto-to-fiat conversion.
Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger. Large payment networks like Mastercard and Visa have been exploring where Web3 applications and wallets will crossover with payments.
Mastercard is reported to be working with Metamask, the popular Ethereum-based wallet. Baanx’s mission is to marry the traditional and crypto world in a way that empowers users, allowing them to make their own decisions about how they want to spend, lend, trade, or whatever they want with their digital assets.
The 1inch Card will come in the form of a physical card and a virtual card, providing users with all the benefits of a standard debit card.
(With inputs from Shikha Singh)
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