TL;DR
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1inch is making a decentralized debit card, which will allow users to store their wealth on a self custody wallet, while still making everyday payments in fiat cash.
Full Story
You know that Smokey Bear tagline?
The one where he puts the onus of preventing devastating local ecological disasters on your shoulders:
“Only you can prevent wildfires.”
(“Oh really, Smokey? So I control lighting, high-winds, and a series of decades long droughts that have turned the local landscape into a tinder box?”)
Aaanyways…
Our featured headline today is similar to that — in that, yeah:
We can now see a way for everyday people to largely abandon the traditional banking system (without having to move into the woods and become a hermit).
But for today’s headline ‘The End of Banks’ to actually be realized, would take massive and widespread action from billions of individuals — and for us to put that on your shoulders…is a bit much (and we want to acknowledge that).
Ok, now — here’s what spurred this all:
The 1inch Network aggregates a bunch of different decentralized exchanges (DEXs) — making it a crypto mecca where you can buy/sell/trade crypto, without any middle men.
Problem is (like with most things crypto), the 1inch Network exists outside the established monetary system — sure, you can buy and hold crypto using its DEX connections…
But using that money in your everyday life? Good luck!
Here’s how that’s about to change: 1inch is partnering with Baanx and Mastercard to create a decentralized debit card.
So users can now keep their savings & investments in stablecoins & crypto, and store it on a private self custody wallet — all while still making everyday payments in fiat cash, via their decentralized debit card.
(Awesome, right?)
Now, is ‘going full crypto’ going to play nice with your credit score?
Doubt it.
Are most people still going to need a bank account to collect their salary?
Most probably.
It’s still an imperfect system, but the big change is this:
Those who want to ‘go full crypto’ can pull the escape hatch without banks needing to play a crucial role in the everyday payments process.
(Where previously, you’d still have to sell your crypto on a centralized exchange and transfer it to a bank account, every time you bought something).
One small step for crypto, one giant leap for the broader ecosystem.
