1inch Network, a prominent player in the decentralized finance (DeFi) sector, introduced a debit card in collaboration with Mastercard and Baanx. This card presents a cryptocurrency-to-fiat conversion feature, streamlining the way users engage with digital currencies. The offering includes a tangible card and digital card variant for online transactions. The tangible one is equipped with essential details, like an account number, expiration date, and a CVC security code.

The company has also demonstrated the virtual card’s functionality through a demonstration by co-founder Segej Kunz; Kunz showcased a straightforward one-touch payment transaction using a smartphone. The showcase illustrated the card’s ease of use and the seamless bridge it offers between digital and traditional finance.

This card aims to simplify the conversion process from cryptocurrency to fiat, a common hurdle in the crypto space that often results in delays, heightened security risks, and additional fees. By facilitating direct crypto-to-fiat transactions at the point of sale, it allows users to manage their crypto and Web3 assets more efficiently. With the card, users can consider only a single conversion rate during purchases.

Christian Rau, the Senior Vice President of Crypto and Fintech Enablement at Mastercard, highlighted the card as a crucial step in merging the traditional Web2 infrastructure with the emerging Web3 ecosystem. He emphasized Mastercard’s focus on delivering solutions that prioritize ubiquity, security, and user convenience, and how the 1inch Card exemplifies this by blending Mastercard’s advanced technology with innovative Web3 integration.

Currently, the availability of the debit card is limited to the United Kingdom and European Economic Area. 1inch expressed intentions to broaden the availability of its services; the company plans expansion based on the cooperation of its partners. Orest Gavryliak, 1inch Network’s Chief Legal Officer, has encouraged users to stay tuned for updates on this front.