1inch, the decentralized finance (DeFi) platform and aggregator known for its commitment to efficiency and user-friendliness, is launching the 1inch Card, in partnership with Crypto Life and Mastercard. This new Web3 debit card offers users the convenience of using their cryptocurrency for both online and in-person purchases, as well as cash withdrawals from supported ATMsAutomated Teller Machine (ATM) An electronic banking outlet that allows customers to perform basic banking transactions without the need for a teller. through instant crypto-to-fiat conversion.
The 1inch Card, available in physical and virtual forms, enables users to spend their crypto worldwide wherever Mastercard is accepted, while still maintaining control over their funds. Sergej Kunz, co-founder of 1inch, highlights this as a significant step towards onboarding mass users to decentralized finance (DeFi), blending the advantages of both DeFi and traditional finance.
Mastercard’s Senior Vice President, Christian Rau, emphasizes the importance of providing solutions that offer ubiquity, peace of mind, and high-security standards, leveraging Mastercard’s technology to bridgeBridge In blockchain technology, it is a connection that allows interaction between different blockchains. the Web2 and Web3 worlds.
Baanx and Crypto Life express excitement about integrating the 1inch Card into the 1inch user ecosystem, emphasizing the innovative approach and the potential for a successful partnership.
The 1inch Card comes with standard debit card features such as a card number, validity date, and CVC, facilitating easy payments with fiat currency following immediate and secure crypto-to-fiat conversion from the user’s 1inch Wallet.
Additionally, the card supports convenient one-touch payments at contactless-enabled in-person stores and allows cash withdrawals at any Mastercard-supported ATMAutomated Teller Machine (ATM) An electronic banking outlet that allows customers to perform basic banking transactions without the need for a teller. worldwide.
Initially available to users in the UK and EEA, interested individuals can join the waiting list for the 1inch Card at 1inch.io/card, promising a seamless experience for paying with cryptocurrency for goods and services. (Source: 1inch Network)