1inch Network, an aggregator of decentralized exchanges (DEXs), and Baanx, a developer, have introduced a Mastercard-powered cryptocurrency debit card. Another crypto storage startup that uses Baanx's "Crypto Life" card is Ledger. As we delve further into Web3, news broke that Mastercard was collaborating with Metamask, an Ethereum wallet.
On Monday, the businesses announced that 1inch Network, an aggregator of decentralized exchanges (DEXs), had partnered with crypto card developer Baanx and was backed by payments giant Mastercard to produce a Web3 debit card.
release, the 1inch Card will facilitate the seamless conversion of cryptocurrency to fiat, allowing users to make purchases both online and in-person and withdraw cash from approved ATMs. Another crypto storage startup that uses Baanx's "Crypto Life" card is Ledger.
Mastercard and Visa, two of the largest payment networks in the world, have recently begun investigating the overlap between Web3 apps and wallets and payments. Recently, it was announced that Mastercard was collaborating with Metamask, a well-known Ethereum-based wallet.
We already have a lot of people who are using one 1inch for swaps, limit orders and also as a developer portal," said Sergej Kunz, co-founder of 1inch, in an interview. However, we also aimed to include the average person who possesses cryptocurrency in our platform.
We opted for the 1 inch card since it provides us with an extra way to welcome new customers. Those more accustomed to the conventional ways of doing things, such as making purchases with a debit card and cryptocurrency.
Baanx joins forces with Ledger and Tezos among others; according to Simon Jones, chief commercial officer, the company's goal is to empower people by bringing together the traditional and crypto worlds.
We are providing crypto without any caveats. What this means is that users have complete autonomy over their digital assets and can spend, lend, trade, or do anything else they choose with them. Jones added in an interview that these should also be acceptable and spendable in more than 160 million sites worldwide.
The 1inch Card, which has all the features of a regular debit card and more, will be available in both physical and digital forms. In a statement, Christian Rau, Senior Vice President, Crypto and Fintech Enablement at Mastercard, said that the 1inch Card was integrating Web2 and Web3 worlds in an innovative way by leveraging Mastercard's leading technology and standards.
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