Mastercard to Empower 1inch Network's Web3 Debit Card through its Platform
The 1inch Network, a leading DeFi platform, has announced a groundbreaking partnership with Baanx and Mastercard to develop a Web3 debit card. This collaboration marks another step forward in Mastercard's mission to bridge traditional finance with the world of cryptocurrency.
The 1inch Web3 debit card, set to be issued both as a physical card and a virtual card, will allow users to withdraw fiat currency from supported ATMs and spend their digital assets in over 160 million locations worldwide. This card is intended to onboard ordinary people who hold cryptocurrency, offering them an additional entry point for using their crypto assets.
Baanx, a crypto card maker involved in multiple Web3 partnerships, is on a mission to marry the traditional and crypto world. According to Baanx's chief commercial officer, Simon Jones, Mastercard is one of the best-placed institutions to help achieve this goal.
The 1inch card builds on the platform's existing functions, including crypto swaps and limit orders, as stated by 1inch co-founder Sergej Kunz. The card allows users to make their own decisions about spending, lending, trading, or whatever they want to do with their digital assets.
Mastercard's Senior Vice President, Christian Rau, stated that the 1inch Card is connecting the Web2 and Web3 worlds in an innovative way. The partnership extends Mastercard's foray into Web3, as it has also partnered with MetaMask.
Baanx has previously partnered with Ledger and Tezos for Web3 debit card development. The 1inch Web3 debit card will allow crypto users to convert their assets into fiat for online and in-person shopping.
This partnership is part of Mastercard's mission to make crypto more accessible to the general public. The 1inch Network, Baanx, and Mastercard aim to make it easier for users to navigate the world of DeFi and cryptocurrency, opening up new opportunities for ordinary people to participate in this exciting new space.
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