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 called 1inch Card, which allows users to instantly convert cryptocurrency into fiat currency for online payments.
Founder of 1inch, Sergej Kunz, stated that this new product is another important step for the general public to join decentralized finance (DeFi).
Christian Rau, Senior Vice President of Cryptocurrency and Fintech at Mastercard, also commented on this collaboration.
In addition, 1inch stated in the announcement that the 1inch Card will provide both physical and virtual cards, but initially only for users in the United Kingdom and the European Economic Area. Interested users can fill out a form to join the waiting list.
Following the announcement, the price of 1inch token rose by 8.4%, reaching around $0.64 from around $0.59. However, at the time of writing, it has slightly decreased to $0.6039.
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