TL; DR
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1inch makes a decentralized debit card, which allows users to store their assets in a self-custody wallet while still making daily payments in fiat cash.
Full story
You know that Smokey Bear slogan?
The one in which he places the responsibility for preventing devastating local ecological disasters on your shoulders:
“Only you can prevent forest fires.”
(“Oh really, Smokey? So I control the lighting, high winds, and a series of decades-long droughts that have turned the local landscape into a tinderbox?”)
Anyway…
Our featured headline today is similar to that one – in that respect, yes:
We now see a way for ordinary people to largely leave the traditional banking system.without having to go into the woods and become a hermit).
But to call today’s headline ‘The End of the Banks’ Actually achieved would require massive and widespread action from billions of individuals – and if we put that on your shoulders…is a bit much (and we want to acknowledge that).
Okay, now – here’s what caused all this:
The 1inch network brings together a number of different decentralized exchanges (DEXs) – making it a crypto mecca where you can buy/sell/trade crypto, without any intermediaries.
The problem is (as with most things with cryptocurrencies) that the 1inch network exists outside the established monetary system. Of course you can buy and hold crypto via the DEX connections…
But do you use that money in your daily life? Good luck!
Here’s how that will change: 1inch has partnered with Baanx and Mastercard to create a decentralized debit card.
So, users can now hold and store their savings and investments in stablecoins and crypto in a private wallet, while still making daily payments in fiat cash, via their decentralized debit card.
(Amazing, right?)
Will ‘going all crypto’ play well with your credit score?
Doubt it.
Do most people still need a bank account to collect their paycheck?
Most likely.
It’s still an imperfect system, but the big change is this:
Anyone who wants to go ‘full crypto’ can open the escape hatch without banks having to play a crucial role in the daily payment process.
(Where before you still had 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.
