DeFi
Introducing the 1-inch Card: A Step Towards Widespread Adoption of Cryptocurrency
Web3 cryptographic cardunveiled 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 running exclusively on the Mastercard network, allows users to spend their cryptocurrency on online and in-person purchases around the world.
Main features of the 1 inch card:
- Seamless conversion of cryptocurrencies to fiat currency for purchases
- Available in physical and virtual formats
- Supports contactless payments
- Allows cash withdrawals from Mastercard-compatible ATMs worldwide
- No strict spending restrictions
- Offers cashback – 1% in BTC and USDT and 2% in BXX (Baanx native token)
- 0% interest rate when borrowing against cryptocurrencies up to 10% loan-to-value (LTV)
Stable loan:
With the Stableloan feature, your crypto is held as collateral, allowing you to borrow funds with 0% interest 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 get the full amount of your deposited crypto back.
Cryptography Project:
Cryptodraft is a great way to access additional 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 the value of your collateral. The first 10% of the LTV of this borrowed amount is interest-free, giving you a cost-effective way to use your crypto holdings.
These features make the 1-inch card not only a versatile financial tool, but also a crucial development in the current trend of integrating cryptocurrency into traditional financial systems.
Competition in the crypto-card field: This 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 leading player in the DeFi space, 1inch’s entry 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 forward:
As the DeFi sector continues to evolve, products like the 1 inch The card can play a crucial role in increasing the adoption and usability of crypto in real-world scenarios.
Disclaimer: This is a paid article and should not be treated as news/advice.