- DEX aggregator 1inch has announced a new product.
- The product’s launch is in partnership with two other companies.
- The product seeks to onboard mass users to DeFi.
Decentralized exchange aggregator 1inch Network announced on Monday the launch of its Web3 debit card in partnership with Mastercard and Crypto Life.
The development comes as payment giants such as Mastercard and Visa are dipping their toes into the Web3 arena. For instance, Visa made headlines in January after partnering with Transak to power global crypto-to-fiat transactions in over 145 countries.
Introducing 1inch’s Web3 Debit Card
According to a press release dated April 8, 1inch has unveiled a new Web3 debit card issued by Crypto Life and powered exclusively by the Mastercard network. The card will be available both physically and virtually to provide users “with all benefits of a standard debit card.”
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“Through instant conversion from crypto to fiat currency, the 1inch Card will allow users to spend their crypto to pay for online and in-person purchases around the world wherever Mastercard is accepted, while still retaining custody of their funds,” the statement read.
In addition to supporting “one-touch payments” for everyday essentials at in-person stores with contactless payments support, the 1inch card will also allow users to withdraw cash (fiat) at any ATM that accepts Mastercard globally.
Mastercard’s Vice President for Crypto and Fintech Enablement, Christian Rau, lauded the development, noting that the 1inch card is poised to connect Web2 and Web3 in an innovative way.
“We’ve long championed solutions that not only meet customers where they are , but also deliver ubiquity, peace of mind, and the highest level of security. Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way,” Rau stated.
Each 1inch card will feature a number, validity date, and CVC, just like in traditional debit cards. However, the card will only be available to users based in the UK and EAA post-launch.
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Read about Visa’s involvement in Hong Kong’s CBDC pilot program:
Visa Spearheads CBDC Pilot Program in Hong Kong
Stay updated on the massive phishing ad campaign targeting Etherscan users:
Crypto Scammers Target Etherscan Users with Massive Phishing Ads
