- The card will enable users to conduct transactions and withdraw cash at supported ATMs.
- The move comes when Mastercard is eyeing Web 3.0 breakthroughs through partnerships.
Decentralized finance firm 1inch Network has unveiled a Web 3.0 debit card developed in partnership with Mastercard and Baanx. Card users will be able to make purchases, use crypto online, and withdraw cash at supported ATMs through crypto-to-fiat conversions. 1inch added:
“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 1inch Card will be offered in the form of a physical and virtual card. The card carries similar benefits as the standard debit card.
Baanx chief commercial officer Simon Jones says the firm’s goal is to empower users to make their own decisions on what they do with their digital assets. “In other words, users can make their own decisions about how they want to spend, lend, trade or whatever they want to do with their digital assets,” Jones adds.
See Related: Bybit Teams Up with Mastercard to Launch Revolutionary Crypto Debit Card
Increased Interest in Digital Asset Cards
The announcement comes when traditional payment giant Mastercard increasingly makes forays into payment cards using digital assets. Last month, Mastercard was reported to be working with crypto wallet provider MetaMask for a blockchain-powered card.
According to Mastercard’s senior vice president for Crypto and Fintech Enablement, Christian Rau, the new card will bridge the worlds of Web 3.0 and Web 2.0. 1inch co-founder Sergej Kunz said says:
“But we wanted to also onboard the man on the street who is holding crypto. So we decided to go with the 1inch card because it offers us an additional entry point for new people.
Visa, Mastercard’s rival, is also working with Solana blockchain and stablecoin USDC for digital asset-enabled cross-border payments.
