1inch Network, a decentralized exchange (DEX) aggregator, has introduced a crypto debit card powered by Mastercard with developer Baanx. Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger. Following this news, the altcoin price made a vertical bit exit to the north.

1inch collaborates with Mastercard and Baanx, altcoin price skyrockets!

DEX aggregator 1inch Network has formed a partnership with Baanx, a crypto card developer backed by payment giant Mastercard. Under this partnership, they will jointly launch a Web3 debit card. 1inch’s Web3 debit card will allow users to use cryptocurrencies for online and off-line purchases and withdraw cash via seamless cryptocurrency-to-currency conversions at supported ATMs. 1inch co-founder Sergej Kunz announced the development with the following post.

After the announcement, the altcoin price made a vertical ascent. 1INCH jumped to $0.64 from its intraday high of $0.556. The token increased by more than 11% on a daily basis. The DeFi altcoin was also continuing its upward movement at the time of writing.

1INCH daily price chart. Source: CoinMarketCap

What kind of features will the card have?

The companies issued a statement on the issue on Monday. Cryptocoin.com As we reported, 1inch Network is forming a partnership with crypto card developer Baanx. In this context, the payment giant will issue a Web3 debit card backed by Mastercard. The 1inch Card will allow users to use their crypto for online and in-person purchases. It will also allow them to withdraw cash at supported ATMs through seamless crypto-to-currency conversion. It should be noted that Baanx’s “Crypto Life” card is also used by crypto storage firm Ledger. 1inch co-founder Sergej Kunz said in an interview:

We have a lot of people using 1inch for swaps, limit orders and also as a developer portal. But we also wanted to include the man on the street who holds crypto in his hand. That’s why we decided to use the 1inch card, because it gives us an additional entry point for new people. These people are more familiar with the traditional world and using a debit card and paying with crypto assets.

Altcoin 1inch is making an important move!

1inch Card will give users a virtual card as well as a physical card. This card will provide users with all the benefits of a standard debit card. Working with Ledger, Tezos and others, Baanx’s chief commercial officer Simon Jones explains their mission as “bringing the traditional and crypto worlds together in a way that empowers users.” In this context, Jones says the following:

We offer crypto without compromise. In other words, users can make their own decisions about how they want to spend, lend, trade or do with their digital assets. But we also make them acceptable and spendable in more than 160 million locations worldwide.

“This card connects the Web2 and Web3 worlds!”

Major payment networks such as Mastercard and Visa have recently been exploring Web3 applications and wallets. For example, Mastercard recently started working with the popular Ethereum-based wallet Metamask. Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard, made the following statement:

Leveraging Mastercard’s leading technology and standards, the 1inch Card innovatively connects the Web2 and Web3 worlds.