1inch Network, a decentralized finance (DeFi) company, has unveiled a new debit card with crypto-fiat bridge functionality. 1inch gave the announce on its official website. This new crypto debit card was made in collaboration with Mastercard and Baanx. Users will be able to carry out cash withdrawals and transactions at enabled points of sale and ATMs.
The collaboration with Mastercard and Baanx created this new payment model. The new debit cards will come with full features, including a physical card with account number, expiration data and the "CVC" security code needed to make some transactions. They will also have a virtual card function, which will allow users to carry out transactions digitally, where supported.
Christian Rau, senior vice president of crypto and fintech enablement at Mastercard, said in a statement that the new card represents a necessary bridge between the Web3 and Web2 world: “We have long supported solutions that not only delight customers but also offer reach, peace of mind and the highest levels of security. Leveraging Mastercard's leading technology and standards, the 1inch card connects the Web2 and Web3 worlds in an innovative way.”
This can slow down transactions, increase security risks, and add additional fees to the process. The advent of purchases through crypto-to-fiat debit cards allows users to maintain custody of their crypto and Web3 funds with a single conversion rate to consider at the time of purchase. For now, the cards are only available in the UK and European economic areas. However, according to 1inch, the company is looking to expand the program as Orest Gavryliak, chief legal officer of 1inch Network, told Cointelegraph.
Segej Kunz, co-founder of 1inch Network, showed the virtual payment method of the new card in a post on the social network X, completing a one-touch transaction with his smartphone. As announced, the 1inch Crypto Card allows users to make cash withdrawals at supported ATMs through crypto to fiat conversion and it also supports Apple Pay or Google Pay. “This is another important step towards bringing a large number of users into DeFi,” said Sergej Kunz, co-founder of 1inch. “With the 1inch Card, the user can enjoy the benefits of both DeFi and traditional finance.”
In these days, during the Paris Blockchain Week, 1inch co-founder was guest on talks about Defi and crypto payments. Kunz also posted on X the immediate results after the launch: "In just the first 24 hours since launch, over 3,000 visionaries have applied to the #1inchCard waiting list - and we're just getting warmed up!"
SOURCES: CryptoNews, CoinTelegraph
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Ilaria Vanni is a TV journalist for italian broadcasting and coordinator of The Meta Economist portal. She has a philosphy degree and she's now studing the economic and technological issues connected to the new frontiers of the metaverse.
