1inch releases Web3 debit card

07.04.2024

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As part of the announcement of the launch of a debit crypto card, the decentralized exchange aggregator 1inch reported on its collaboration with the international payment system Mastercard and the company Crypto Life. The new product, named 1inch Card, will allow holders to use their digital assets for making purchases both online and in physical stores.

The card will provide users with the ability to withdraw cash at ATMs through the seamless conversion of cryptocurrencies into fiat money. Representatives of 1inch emphasized that the card will work wherever Mastercard is accepted.

Crypto Life will take on the issuance of physical and virtual versions of the card, which will allow combining the advantages of traditional finance and the cryptocurrency industry.

1inch co-founder Sergej Kunz noted that the launch of the card is an important step towards attracting more users to the decentralized finance (DeFi) sector. The 1inch Card will give users the opportunity to take advantage of both DeFi and traditional financial instruments.

Each card will have standard details (number, expiration date, CVC code), which will allow making payments in fiat currency with instant conversion of crypto assets. To use the card, users will only need to have funds in their 1inch wallet.

Mastercard’s Senior Vice President for Cryptocurrencies and Fintech, Christian Rau, emphasized that the company strives to provide solutions that meet customer needs and ensure transaction security. According to him, the 1inch card combines the Web2 and Web3 spheres in an innovative way, using Mastercard technologies and standards.

The product will also support contactless payments, which will significantly simplify the process of paying for goods and services.

Simon Jones, CEO of Baanx and Crypto Life, expressed his delight at the integration of the Crypto Life card into the 1inch ecosystem in partnership with Mastercard. He noted 1inch’s leading position in the DEX market and expressed hope for successful cooperation.

At the initial stage, the 1inch Card will be available to users from the United Kingdom and countries of the European Economic Area.

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