Quick take:
- The debit card will be developed by crypto card maker Baanx, which is also used by cold wallet provider Ledger.
- This partnership is part of Mastercard’s mission to bridge traditional finance with the world of crypto.
- 1inch said it hopes to reach the ordinary man on the street with the 1inch Web3 debit card.
Decentralised crypto exchange platform 1inch Network has announced a partnership with Baanx to develop a Web3 debit card powered by Mastercard. This is not Baanx’s first major Web3 partnership to develop a debit card, having worked with leading crypto cold wallet provider Ledger and layer-1 blockchain Tezos.
The collaboration also extends Mastercard’s foray into Web3 having partnered with leading hot wallet provider MetaMask in its mission to bridge traditional finance with the world of Web3.
According to the announcement, the 1inch Web3 debit card will allow crypto users to easily convert their crypto assets into fiat, enabling them to shop directly online or in person. Users will also be able to withdraw fiat currency withdrawals at supported ATMs.
Commenting on his company’s Web3 debit card, 1inch co-founder Sergej Kunz told CoinDesk that 1inch is building on the many functions that its platform already supports including crypto swaps and limit orders.
“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. Those who are more familiar with the traditional world and using a debit card and paying with crypto assets,” Kunz said.
All three companies seem to have a similar goal, which was brought to fruition by the launch of the 1inch card. Baanx’s chief commercial officer, Simon Jones said his firm is on a mission to marry the traditional and crypto world. Mastercard is one of the best placed institutions to help it achieve that.
“We are offering crypto without compromise. 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. But also make these acceptable and spendable in over 160 million locations worldwide,” Jones said.
On the other hand, Christian Rau, Senior Vice President, Crypto and Fintech Enablement at Mastercard said in statement: “Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way.”
The 1inch card will be issued both as a physical card and a virtual card.
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