Mastercard, 1 Inch Partner to Launch New Crypto Debit Card: Everything You Need to Know

A new crypto debit card has entered the fintech ecosystem, programmed with crypto-fiat bridge functionality. DeFi company 1inch has partnered with card payments giant Mastercard to launch this card. The card was developed by Baanx, a cryptocurrency payments specialist authorized by the UK’s Financial Conduct Authority (FCA). Mastercard believes that cryptocurrency-enabled cards are a significant tool that can bridge the gap between fiat currencies and cryptocurrencies. For some years now, the US company has taken various steps in favor of cryptocurrencies to establish itself in the Web3 sector.

The 1-inch debit card will allow holders to pay for their purchases via cryptocurrencies for both online and retail purchases. The card will work everywhere MasterCard it is accepted.

“This is another important step towards mass user onboarding DeFi,” said Sergej Kunz, co-founder of 1inch. “With the 1-inch Card the user can benefit from the advantages of both DeFi and traditional finance.”

The card will allow its holders to convert their capital from fiat to cryptocurrency. Holders, however, will need crypto tokens in their 1-inch wallet.

“Baanx is pleased to integrate the Crypto Life Card into the 1-inch user ecosystem in partnership with Mastercard and looks forward to a successful partnership,” said Simon Jones, CCO, Baanx and Crypto Life.

Mastercard will provide the underlying technology that will power this card. Each card will come with traditional engraved details such as number, validity date and CVC.

“Leveraging Mastercard’s leading technology and standards, the 1-inch Card connects the Web2 and Web3 worlds in an innovative way,” said Christian Rau, Senior Vice President, Crypto and Fintech Enablement at Mastercard.

The card giant, in a recent pro-crypto move, has started work on launching a cryptocurrency-based system loyalty rewards program. The company has already done this collaborated with cryptocurrency exchanges including Binance, Nexo and Gemini to offer encrypted payment cards in some countries.

This new debit card, for now, will be made available in the UK and the European Economic Area (EAA) for its initial launch phase. A waiting list is now open for interested users who wish to acquire this card.

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