A new crypto debit card, launched in collaboration with Mastercard, blockchain firm 1inch Network, and Baanx, could facilitate global crypto payments.
Blockchain firm 1inch Network has collaborated with Mastercard and Baanx to create a new crypto debit card. The card will function similarly to a traditional debit card, with a number, validity dates, and CVV number. Users could use the card for online or in-person purchases. Moreover, the crypto payments will occur in fiat currency, with the crypto holdings in a user’s 1inch wallet.
Blockchain firm Baanx develops crypto cards for its collaborators and partners. Its ‘Crypto Life’ card will serve 1 inch’s new feature for its users. On the other hand, Mastercard’s foray into blockchain and web3 will also grow with its partnership with 1inch.
Christian Rau, head of Mastercard’s crypto and fintech division, said, “Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way.” He also stated the card’s use cases that would propel convenience for users. Representatives from 1inch and Baanx also hailed the crypto debit card’s potential.
Meanwhile, users could also use a virtual version of the physical debit card. It will have features like cash withdrawals from ATMs and one-touch payments. Initially, only UK and European Economic Area users can enroll for the crypto debit card.
In March 2024, Mastercard strongly supported remittances aided by blockchain technology. It came as a bonus to their existing partnerships with blockchain firms. Meanwhile, Mastercard could hugely boost the 1inch car with its wide-ranging payment services and networks.
The other leading payment services firm, Visa, is also leading a few initiatives on blockchain technology. Even Visa has partnered with crypto firms and engaged in digital currency trials.
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