Fun

1inch unveils crypto debit card in partnership with Mastercard and Baanx

News Feed - 2024-04-09 01:04:19

Tristan Greene7 hours ago1inch unveils crypto debit card in partnership with Mastercard and BaanxUsers will be able to make cash withdrawals and point-of-sale transactions at supported ATMs and locations.3938 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDecentralized finance (DeFi) firm 1inch Network has debuted a new debit card with cryptocurrency-to-fiat bridge functionality. The new card was developed in partnership with Mastercard and Baanx. 


According to a blog post from 1inch, the new debit cards will feature full functionality, including a physical card featuring an account number, expiration date and the “CVC” security code required to conduct some transactions. It will also have a virtual card feature allowing users to conduct transactions digitally where supported.


Christian Rau, senior vice president of crypto and fintech enablement at Mastercard, said in a statement that the new card serves as a necessary bridge between the Web3 and Web2 worlds:“We’ve long championed solutions that not only meet customers where they are, but also deliver ubiquity, peace of mind and the highest levels of security. Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way.”


While most popular crypto and Web3 exchanges have robust features for converting fiat to crypto, and vice versa, such conversion adds extra steps to the payment process. This can slow transactions down, increase security risks and add extra fees to the process.


The advent of crypto-to-fiat debit purchases allows users to retain custody of their crypto and Web3 funds with a single conversion rate to consider at the point of purchase.


Related:Mastercard sees partnerships as key to blockchain remittances in Latam


For now, the cards are only available in the United Kingdom and European economic areas. However, according to 1inch, the company is seeking to expand the program.


Orest Gavryliak, chief legal officer at 1inch Network, told Cointelegraph that “the expansion of the service area depends on our partners. We are indeed working on geographical expansion for the 1inch card. Stay tuned!”


In a post on the X social media app, 1inch Network co-founder Segej Kunz showed off the virtual payment aspect of the new card by completing a one-touch transaction with his smartphone.# Business# Decentralization# Adoption# Mastercard# Baanx Group# Decentralized Exchange# DeFiAdd reaction

News Feed

Is Bitcoin Price Turning Bullish Or Bearish? Crypto Analyst Reveals Critical Levels To Watch
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
New Lawsuit Claims Solana Is Unregistered Security — ‘Investors Have Suffered Enormous Losses’
New Lawsuit Claims Solana Is Unregistered Security — "Investors Have Suffered Enormous Losses" A class-action lawsuit has been filed claiming that cryptocurrency solana (SOL) is
Bitcoin Value Leaps Over the $31K Handle, BTC Sees an All-Time Price High in 2021
Bitcoin Value Leaps Over the $31K Handle, BTC Sees an All-Time Price High in 2021 The price of bitcoin has crossed a new all-time high on Saturday morning (EST),
SEC Chair Tells Senator Legislative Priority Should Center on Crypto Trading, Lending, Defi Platforms
SEC Chair Tells Senator Legislative Priority Should Center on Crypto Trading, Lending, Defi Platforms The chairman of the U.S. Securities and Exchange Commission
Proposed Ethereum PoW Fork Token Loses Half Its Market Value in Less Than 6 Days
Proposed Ethereum PoW Fork Token Loses Half Its Market Value in Less Than 6 Days In 32 days, Ethereum is expected to upgrade from a proof-of-work (PoW) consensus algorithm to a pro
Rakesh Upadhyay5 hours agoPrice analysis 10/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TONBitcoin’s reluctance to give up ground has attracted strong buying in select altcoins.1480 Total views29 Total sharesList
XRP Must Push Past $3.40 To Confirm Uptrend – Analyst
Este artículo también está disponible en español. The XRP market experienced a major rally in the last day following the SEC’s acknowledgment of Grayscale’s XRP ETF f
Singapore flags digital payment tokens as high-risk in AML landscape
Amaka Nwaokocha3 hours agoSingapore flags digital payment tokens as high-risk in AML landscapeSingapore said digital payment token service providers, also known as virtual asset service providers, stand out as a high-ris
Abhishek Singh5 hours agoFuture of business through the synthesis of blockchain technology, data and AIAI and blockchain are emerging technologies and have a very bright future. Both of them are at the cutting edge of in
Cardano refutes rumors it abandoned its scaling project Hydra
Martin Young2 hours agoCardano refutes rumors it abandoned its scaling project HydraHydra being abandoned is “just pure FUD,” wrote Cardano co-founder Charles Hoskinson in a post on X.1296 Total views6 Total sharesLi
BitMEX pleads guilty to Bank Secrecy Act violation
Turner Wright2 hours agoBitMEX pleads guilty to Bank Secrecy Act violationBitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed pleaded guilty to similar criminal charges in 2022 and received probation.1303 Tot
Bitcoin Price Could Be Preparing For Fresh Wave Of Volatility — Here’s Why
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu