The leading DEX aggregator 1inch Network, launches a crypto debit card in partnership with Mastercard and Crypto Life. The new card offers cryptocurrency-to-fiat bridge functionality, with physical and virtual options for seamless transactions at any ATM.
Christian Rau, Mastercard’s senior vice president of crypto and fintech enablement, highlighted the importance of bridging the gap between Web3 and Web2 worlds through this card. The integration of Mastercard’s technology ensures security and convenience for users.
Christian Rau, said, “Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way.”
Unlike traditional methods that involve multiple steps and fees for converting crypto to fiat, the 1inch Card streamlines the process, enabling users to maintain custody of their assets with a single conversion rate during purchases.
1inch co-founder Segej Kunz demonstrated the card’s virtual payment capability on social media, showcasing its user-friendly and efficient nature.
Each card will have a number, validity date, and CVC, enabling users to pay for goods and services with fiat currency, following immediate, fast, and secure conversion from crypto when a payment is made.
The card can also be used to make convenient one-touch payments for everyday essentials at in-person stores that support contactless payments. And, cardholders can withdraw cash with a physical or digital 1inch Card at any ATM that accepts Mastercard around the world.
While currently available in the UK and European economic areas, 1inch aims to expand the card’s availability globally, pending partnerships and regulatory approvals. Orest Gavryliak, the company’s chief legal officer, hinted at future geographical expansions.
Also Read: MetaMask & Mastercard Test On-Chain Payment Card via Baanx
