Decentralized aggregation trading platform 1inch Network announced on Monday that it has partnered with cryptocurrency payment company Baanx and Mastercard to launch a Web3 signature financial card – 1inch Card, which allows users to instantly convert cryptocurrencies into fiat currency for online payments.
(Background:
How does 1inch innovate in DEX under the shadow of Uniswap monopoly?)
1inch Network, the decentralized aggregation trading platform, announced on Monday that it has partnered with cryptocurrency payment company Baanx to develop a Web3 signature financial card, supported by payment giant Mastercard. This card enables users to instantly convert cryptocurrencies into fiat currency for online payments and withdraw cash from corresponding ATM machines.
Sergej Kunz, the founder of 1inch, stated that this new product is another important step to allow the general public to participate in DeFi (decentralized finance).
Christian Rau, the Senior Vice President of Crypto and Fintech at Mastercard, also commented on this development.
In addition, 1inch stated in the announcement that the “1inch Card” will provide both physical and virtual cards, initially only available to users in the UK and the European Economic Area. Interested users can fill out a form to join the waiting list.
(Source: 1inch)
Following the announcement, the price of 1inch token surged by 8.4% last night around 9 pm, approaching $0.64 from around $0.59. However, it has slightly retraced at the time of writing, trading at $0.6039.
(Source: Binance)
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