The Web3 crypto card, unveiled by 1inch, marks a significant step in bridging the gap between decentralized finance and traditional payment systems. The crypto card, issued by Crypto Life and operating exclusively on the Mastercard network, allows users to spend their cryptocurrency for both online and in-person purchases globally.
Key features of the 1inch Card:
- Seamless crypto-to-fiat conversion for purchases
- Available in physical and virtual formats
- Supports contactless payments
- Enables cash withdrawals at Mastercard-compatible ATMs worldwide
- No strict spending restrictions
- Offers cashback – 1% in BTC & USDT and 2% in BXX (Baanx native token)
- 0% interest rate when borrowing against crypto up to 10% Loan-to-Value (LTV)
Stableloan:
With the Stableloan feature, your crypto is held as collateral, allowing you to borrow funds with a 0% interest rate for up to 10% LTV. You can deposit BTC or ETH and receive USDC, USDT or EURT. Once the Stableloan and any outstanding interest payments are settled, you will receive your full amount of deposited crypto back.
Cryptodraft:
Cryptodraft is an excellent way to access extra funds without selling your assets. By depositing your BTC or ETH as collateral, you can access an instant line of credit, borrowing up to 60% of your collateral value. The first 10% LTV of this borrowed amount is interest-free, offering you a cost-effective way to utilize your crypto holdings.
These features make the 1inch Card not only a versatile financial tool but also a crucial development in the ongoing trend of integrating cryptocurrency with traditional financial systems.
Competition in the сrypto сard space: The launch puts 1inch in direct competition with other crypto card providers, which could lead to better services and lower fees for users in the long run.
DeFi integration: As a prominent player in the DeFi space, 1inch’s move into traditional payment systems could pave the way for further integration of DeFi projects with conventional finance.
User adoption: The ease of use offered by the 1inch Card could attract more mainstream users to the DeFi ecosystem, potentially driving growth in the sector.
Looking ahead:
As the DeFi sector continues to evolve, products like the 1inch Card may play a crucial role in increasing crypto adoption and usability in real-world scenarios.
Disclaimer: This is a paid post and should not be treated as news/advice.
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