1inch Network, a decentralized finance (DeFi) firm, has introduced a new debit card that enables the conversion of cryptocurrency to fiat currency. Developed in collaboration with MasterCard and Baanx, the card offers various functionalities including a physical card with an account number, expiration date, and CVC security code for transactions. It also has a virtual card feature for digital transactions when supported. Christian Rau, Senior Vice President at MasterCard, emphasized that the card bridges the gap between web3 and web2 worlds, providing convenience, security, and compatibility with existing technology.
While popular crypto and web3 exchanges have features for converting fiat to crypto and vice versa, this process adds extra steps, slowing down transactions, increasing security risks, and incurring additional fees. The new debit card enables users to retain custody of their crypto and web3 funds with a single conversion rate at the time of purchase. Presently, the cards are only available in the United Kingdom and European economic areas, but 1inch is actively seeking to expand the program.
Orest Gavryliak, Chief Legal Officer at 1inch Network, expressed the company’s intention to expand the service area, indicating that it depends on their partners. They are currently working on the geographical expansion of the 1inch card. 1inch Network co-founder Segej Kunz showcased the virtual payment capability of the card by completing a one-touch transaction using their smartphone on the X social media app.
