In the words of Sergej Kunz, co-founder of 1inch, “This is another major step towards onboarding mass users to DeFi.With the 1inch Card, the user can benefit from the advantages of both DeFi and traditional finance.”
Decentralized exchange 1inch Network has launched a crypto debit card in collaboration with Mastercard and Crypto Life.
In the blog post, 1inch Network highlighted that the new 1inch card will be available as both physical and virtual cards. It will also bear all the functionalities of a standard debit card, including a number, validity date, and CVC.
The purchases made via the 1inch card will be funded using the crypto assets from the user’s 1inch Wallet. The DEX also confirmed that the card will be compatible with Google Pay and Apple Pay services on top of supporting purchases online payments. Moreover, the debit card will support seamless crypto-to-fiat conversions, allowing users to withdraw cash at Mastercard-supported ATMs.
In its early stages, the 1inch card will only be accessible to clients residing in the UK and EEA, and those who wish to receive it can join a waiting list at the DEX's website.
The price of the DEX's native token, 1inch Network, has spiked following the announcement. As of writing, the token is priced at $0.635, up by 8% over the last 24 hours.
