KEY POINTS
1inch Network has joined forces with Mastercard and Baanx to launch a debit card that seamlessly converts cryptocurrency to fiat currency.
Features of the 1inch Debit Card
The card is designed with a dual-feature framework. It comes as a physical card equipped with an account number, expiration date, and the CVC security code necessary for conducting a range of transactions. In parallel, it introduces a virtual card capability, empowering users to engage in digital transactions across platforms that support this feature.
The conversion process between fiat and crypto has traditionally been a complex one, often involving multiple steps that can introduce delays, elevate security concerns, and accrue additional fees. This debit card addresses these issues head-on by enabling direct crypto-to-fiat transactions, thereby simplifying the payment process and enhancing user autonomy over their digital assets.
With this card, users are only tasked with considering a single conversion rate at the point of sale, streamlining the purchasing experience. Currently, the card’s availability is confined to users within the United Kingdom and the broader European economic area.
More Developments Expected Soon
Orest Gavryliak, the Chief Legal Officer at 1inch Network emphasized that the enlargement of the service area is contingent upon the capabilities and cooperation of their partners. Gavryliak encourages users to stay tuned for upcoming developments related to the geographic availability of the 1inch card.
In a practical demonstration of the card’s capabilities, Segej Kunz, the co-founder of 1inch Network, took to X (Twitter) to exhibit the virtual payment feature. He effortlessly completed a transaction using his smartphone, showcasing the card’s user-friendly design and its potential in daily financial activities.
