Decentralized trading aggregator protocol 1inch Network announced on Monday (8th) the launch of the Web3 signature finance card in collaboration with crypto card developer Baanx and payment giant Mastercard. The “1inch Card” will allow users to seamlessly convert cryptocurrencies to fiat currencies for online and offline shopping at locations accepting Mastercard worldwide, and withdraw cash at supported ATMs.
The 1inch Card will be issued by Crypto Life, exclusively supported by the Mastercard network, and will be available in physical and virtual card forms, providing users with all the benefits of a standard signature finance card. According to the press release, the 1inch Card can “quickly and securely convert your 1inch Wallet cryptocurrency to 1inch Card fiat balance at competitive rates.” The financial card will initially target users in the UK and the European Economic Area (EEA).
Sergej Kunz, co-founder of 1inch, stated that this is another significant step for mainstream users to join DeFi, with the 1inch Card allowing users to benefit from both DeFi and traditional finance advantages simultaneously.
Christian Rau, Senior Vice President of Mastercard’s Cryptocurrency and Fintech Enabler Division, expressed in a statement: