1inch Network, a decentralized finance (DeFi) firm, has recently launched an innovative debit card that incorporates cryptocurrency-to-fiat bridge functionality. This groundbreaking card was developed in collaboration with Baanx and Mastercard.
According to a blog post by 1inch, the new debit cards will offer comprehensive features, including a physical card that displays an account number, expiration date, and the essential “CVC” security code for certain transactions. Additionally, users will have the option to conduct digital transactions with the virtual card feature, provided it is supported.
Christian Rau, the senior vice president of crypto and fintech enablement at Mastercard, emphasized the significance of this card as a bridge between the Web3 and Web2 worlds. While many popular crypto and Web3 exchanges offer robust features for converting fiat to crypto and vice versa, this conversion process introduces additional steps, which can slow down transactions, increase security risks, and add extra fees. The introduction of crypto-to-fiat debit purchases enables users to maintain custody of their crypto and Web3 funds, with only one conversion rate to consider at the time of purchase.
At present, these cards are exclusively available in the United Kingdom and European economic areas. However, 1inch is actively exploring opportunities for expansion. Orest Gavryliak, the chief legal officer at 1inch Network, expressed that the expansion of the service area is contingent on their partners’ involvement. Gavryliak added, “We are indeed working on geographical expansion for the 1inch card. Stay tuned!”
In a post on the X social media app, Segej Kunz, the co-founder of 1inch Network, showcased the virtual payment aspect of the new card by effortlessly completing a transaction with his smartphone in a single touch.