Decentralised finance (DeFi) firm 1inch Network has unveiled a new debit card offering cryptocurrency to fiat currency conversion features, partnering with MasterCard and Baanx to bring this innovation to the market.

Users of this debit card can look forward to making cash withdrawals and point-of-sale transactions at supported ATMs and various locations, broadening the accessibility and utility of cryptocurrencies in everyday transactions.

The card comes in both a physical format, equipped with traditional security features like an account number, expiration date, and CVC code, and a virtual incarnation for digital purchases.

Christian Rau, Senior Vice President of Crypto and Fintech Enablement at Mastercard, emphasised the significance of this launch, highlighting it as a crucial bridge integrating the web3 space with the conventional web2 financial ecosystem.

This collaboration not only marks a significant step in the fusion of traditional finance with the burgeoning DeFi sector but also reinforces the growing acceptance and integration of cryptocurrency solutions in the broader financial landscape.