Decentralized exchange (DEX) aggregator 1inch network has announced a significant achievement in the Web3 space. According to its announcement, the DEX is teaming up with crypto card developer Baanx and payments firm Mastercard to roll out its Web3 debit card. The statement said that the card would be used to make crypto transactions online and in person.
1inch set to launch its crypto debit card
According to the press release on X, the Web3 debit card will also support cash withdrawals at supported ATMs using a seamless crypto-to-fiat conversion system. The card will also be compatible with ApplePay and GooglePay, per the announcement.
Notably, Baanx is also supporting crypto wallet heavyweight Ledger with its ‘Crypto Life’ card. Payment giants like Mastercard and Visa have been inking partnerships lately in the crypto space. The firms are exploring the section of the Web3 ecosystem where applications and payments intersect.
For Instance, Mastercard was reportedly forging a partnership with Ethereum-based crypto wallet MetaMask. In a recent interview, 1inch co-founder Sergej Kunz noted that 1inch has a lot of users who leverage the platform to carry out services like swaps and order limits. However, he said that the platform has chosen to introduce the 1inch card to provide a point of entry to new users. He explained that the card is targeting those in traditional finance who use crypto for their day-to-day activities.
Impact on Web3 adoption and traditional finance integration
Baanx Chief commercial officer Simon Jones also reacted to the announcement, stating that the one goal of the firm has always been to bring the traditional finance world into a marriage of convenience with the crypto world. This way, the firm will be able to empower users with its products. Notably, aside from Ledger, Baanx also works with Tezos and a few other platforms in the crypto industry.
Jones said that users have the opportunity to own crypto while doing what they love most. He added that users can use their cards to trade, shop, and do other things using digital assets. He mentioned that the goal of the firm is to make this service accessible to users in over 160 million locations worldwide.
1inch will also provide users with options of a physical or virtual card. Regardless, both cards will allow their holders to enjoy the benefits of a normal debit card. In its statement, Mastercard noted that the card will use its technology and standards to provide great services for users in the Web2 and Web3 world.
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