Decentralized finance (DeFi) firm 1inch Network has debuted a new debit card with cryptocurrency to fiat currency 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 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, Crypto and Fintech Enablement at Mastercard said, in a statement, that the new card served 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
As of current, 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 their smartphone.
