Prominent decentralized exchange (DEX) aggregator 1inch is announcing a major partnership with payments giant Mastercard to create a debit card that will allow consumers to make purchases with either crypto or fiat funds.
1inch (1INCH) is announcing the launch of a partnership with Mastercard and Crypto Life to create a web3 debit card.
According to the announcement, the debit card will be issued as a physical card, as well as digitally.
Says 1inch co-founder Sergej Kunz,
“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.”
The announcement states that the new debit card will give users full custody of their funds and allow instant conversions of fiat and crypto. The card will initially be available in the United Kingdom and European Economic Areas (EEA).
Says Senior Vice President of Crypto and Fintech Enablement at Mastercard Christian Rau,
“We’ve long championed solutions that not only meet customers where they are, but also deliver ubiquity, peace of mind and the highest levels of security. Leveraging Mastercard’s leading technology and standards, the 1inch Card is connecting Web2 and Web3 worlds in an innovative way.”
There is currently a waiting list for the new product.
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