Decentralized exchange (DEX) aggregator 1inch Network launched a new debit card that directly converts cryptocurrencies to fiat funds in partnership with Mastercard. The crypto card will support all standard bank debit card features.
DeFi company 1inch Network unveiled a new debit card that converts digital assets into fiat. The new Web3 card is developed with Crypto Life and works on the Mastercard payment network.
New crypto debit cards will have the full functionality of Mastercard cards, including issuing a physical plastic card with an account number, validity date, and security code (CVC). Issuing a virtual card for online transactions is also an option. The crypto card will be linked to 1inch Wallet.
Christian Rau, Senior Vice President of Crypto and FinTech Enablement at Mastercard, highlights the security measures of the new 1inch crypto card. He views it as a secure bridge between the Web3 and Web2 ecosystems, offering users the highest level of protection for their digital assets. This assurance of security is crucial in the crypto world, where concerns about safety often arise.
Currently, 1inch crypto cards are only available in the U.K. and European Economic Area countries. However, the company plans to expand the solution to other regions soon.
Crypto cards in various regions have already become mainstream. Mastercard, in cooperation with Binance, launched a prepaid cryptocurrency card in Brazil and Argentina and cooperated with Stables in Australia and Immersive in New Zealand.
