Key Points
- 1inch Network announced a new partnership with developer Baanx powered by Mastercard and the introduction of a crypto debit card.
- Baanx’s “Crypto Life” card is also used by Ledger.
- Users can use their crypto for online and in-person purchases while making withdrawals at ATMs via crypto-to-fiat conversion.
The mainstream crypto adoption is intensifying with the latest moves made by important names in the industry.
1inch Network, a decentralized exchange aggregator, has just revealed a crypto debit card in collaboration with Baanx, powered by Mastercard.
The platform notes that people can spend their crypto online and in-person by using this new Web3 card.
1/ Hot off the press!
We're unveiling the groundbreaking 💳 #1inchCard in partnership with @Mastercard and @CL_Technology!
Your #crypto is about to go from hodl to spend, online and in-person, wrapped in an exclusive design.
👉 Get early access: https://t.co/SHaFiOj7u4#DeFi pic.twitter.com/ldX5K5b0ap
— 1inch Network (@1inch) April 8, 2024
Compatibility with Apple Pay And Google Pay
1inch Network also noted on their X account that the card is compatible with Apple Pay and Google Pay for one-tap payments and ATM withdrawals all over the world.
https://twitter.com/1inch/status/1777335293382738151
The team also noted that both physical and virtual cards serve spending needs with a simple tap from the 1inch wallet.
Physical cards can be used for withdrawals from any ATM that accepts Mastercard and virtual cards from those supporting contactless withdrawals.
The 1inch Network also highlighted that their move is setting the stage for a finance revolution. They also announced that the UK and EEA residents have priority access to this opportunity “to redefine financial boundaries.”
4/ 🌟 The #1inchCard is setting the stage for a finance revolution! To be among the first to get the card, you can join the waiting list.
🗺️ Priority access for UK and EEA residents. Get ready to redefine your financial boundaries with #1inch!
— 1inch Network (@1inch) April 8, 2024
Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger.
Important payment networks such as Mastercard and Visa have lately been exploring where Web3 applications and wallets will crossover with payments.
Mastercard was recently reported to be working with Metamask, the popular Ethereum-based wallet.
1inch co-founder Sergej Kunz said recently in an interview that they already have a lot of people who are using 1inch for swaps, limit orders, and as a developer portal.
He noted that the team also wanted to onboard regular people who are using crypto, and this is the reason for which they decided to launch the card. He stated that this offers an additional entry point to nbew people who want to use crypto via a debit card.
Baanx also shared a video showing how the card works on X:
https://twitter.com/Baanx_BXX/status/1777322179710902772
Simon Jones, Baanx’s chief commercial officer, said that the mission of their platform, which also works with Ledger and Tezos, is to combine traditional finance and the crypto industry in a way that empowers users.