1inch Network Introduces Groundbreaking Web3 Debit Card in Collaboration with Mastercard and Baanx
In Brief
1inch Network has collaborated with Mastercard and Baanx to introduce a revolutionary Web3 debit card that simplifies online and peer-to-peer transactions, making it easier than ever to convert crypto to traditional currency.
A Decentralized Exchange (DEX) Aggregator 1inch Network partnered with payment corporation Mastercard and cryptocurrency payments company Baanx the launch of a Web3 debit card aims to allow users to transact online and between peers using cryptocurrency, streamlining the conversion process from digital coins to fiat money.
Provided by Crypto Life, a Web3 card service vendor, the newly launched card will come in both physical and digital formats, giving users a full suite of benefits commonly seen with standard payment methods.
The two formats of the 1inch Card are tailored to meet the spending needs of users, linking back to the 1inch Wallet for straightforward access. Users with physical cards can withdraw cash from ATMs that support Mastercard, while virtual cards are ideal for quick, contactless transactions whenever possible. Moreover, the 1inch Card works with Apple Pay and Google Pay, allowing for seamless, one-tap payments during everyday purchases at stores, enabling convenient contactless payments.
Initially, the 1inch Network will make the new card available to individuals in the UK and across the European Economic Area (EEA). Users interested in this opportunity can sign up on a waiting list to be among the first to receive the card.
Sergej Kunz, one of the co-founders of 1inch, expressed in a recent statement that the introduction of this innovative product signifies an important step toward broadening access to decentralized finance (DeFi). He highlighted that with the 1inch Card, users stand to benefit significantly from the features offered. DeFi and traditional finance sectors.
Leading Payment Networks Explore Integration with Web3
The company's decentralized application (dApp) stands out as a premier DeFi aggregator, providing users with access to vast liquidity pools and favorable token swap rates across multiple decentralized exchanges (DEXs). Its unique features include partial fills, the Chi gas token, and the capability to identify optimal swap routes from an extensive range of liquid sources.
Major payment networks like Mastercard and Visa have been delving into integrating integrations with traditional financial applications and wallets are on the rise. Recently, Mastercard teamed up with the Ethereum wallet Metamask to enable users to make smooth cryptocurrency transactions utilizing their debit cards.
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