1inch Network, a decentralized finance (DeFi) company, has introduced a cutting-edge debit card that includes cryptocurrency-to-fiat bridge functionality. This innovative card was developed in collaboration with renowned companies Mastercard and Baanx.
As stated in a blog post by 1inch, the newly launched debit cards boast complete functionality, including a physical card that displays an account number, expiration date, and the crucial “CVC” security code required for certain transactions. Additionally, the card offers a virtual card feature, enabling users to carry out digital transactions wherever supported.
Christian Rau, the Senior Vice President of Crypto and Fintech Enablement at Mastercard, emphasized the significance of this new card in bridging the gap between the Web3 and Web2 realms. He explained that while popular crypto and Web3 exchanges facilitate seamless conversion between fiat and crypto, this conversion process adds extra steps to the payment process. Consequently, transactions may be delayed, security risks may increase, and additional fees may be incurred.
The introduction of crypto-to-fiat debit purchases allows users to maintain custody of their crypto and Web3 funds, with a single conversion rate to consider during the purchase. This streamlines the payment process and enhances convenience.
At present, these cards are exclusively available in the United Kingdom and European economic areas. However, 1inch aims to expand the program in the future. Orest Gavryliak, the Chief Legal Officer at 1inch Network, confirmed that the service area expansion depends on their partners. He assured readers that they are actively working on expanding the availability of the 1inch card and advised them to stay updated for more information.
In a demonstration on the X social media app, Segej Kunz, the co-founder of 1inch Network, showcased the virtual payment feature of the new card by effortlessly completing a transaction with a single touch on his smartphone.