Crypto and traditional finance are coming together, posing challenges such as liquidity constraints and the need for seamless integration. However, advancements in Web3 infrastructure and strategic partnerships are making crypto more accessible for everyday transactions.
Baanx, founded in 2018, has established partnerships with Web3 and Web2 giants like Ledger, 1inch, and Mastercard. Their achievements include connecting a debit card to a hardware wallet, integrating a decentralized exchange (DEX), and enabling stablecoin payments on a card network.
Their flagship product, the Crypto Life Card, allows users to spend crypto in real life at over 90 million merchants worldwide. It is currently available in 32 countries and has plans for expansion in the United States and Latin America.
In an interview, Baanx’s chief commercial officer, Simon Jones, discusses the crypto landscape and how crypto can be integrated into mainstream daily life.
Regarding the hottest trends in the crypto space in 2024, Jones believes that the convergence of fintech and crypto will continue to drive adoption. Account abstraction, with the release of ERC-4337, allows users to connect multiple funding sources to a single wallet. This, combined with Apple and Google easing restrictions on crypto-related apps, creates a market where crypto cards can revolutionize wallets and the creator economy.
Jones appreciates the increased awareness of self-custody among crypto users. He believes it’s crucial for users to be conscious of where their assets are held and who has custody. Baanx’s CL Card allows users to connect various Web3 wallets, giving them the freedom to store assets as they prefer while maintaining instant access to their funds.
To address changing user behavior and expectations, Jones highlights the importance of account abstraction. It allows users to link their preferred custody source to their chosen on-ramp/off-ramp, providing flexibility in accessing their assets.
Account abstraction improves crypto payments and the functionality of crypto debit cards by allowing users to keep their funds until they are ready to spend them, similar to carrying physical cash.
Dual-asset cards enable the storage and spending of both crypto and fiat assets, as well as stable assets, offering complete flexibility. Baanx aims to make any tradeable asset spendable over time.
Baanx handles the technical development behind the Crypto Life Card to ensure seamless functionality. They also offer lending services, allowing users to borrow fiat against their crypto holdings, eliminating the need to liquidate crypto for purchases.
Baanx worked with 1inch on the launch of the 1inch Card, designing and tailoring the product to meet the needs of 1inch users. They also manage the card program on behalf of 1inch, ensuring a smooth user experience.
The entry of traditional financial giants like Mastercard into the crypto domain is seen as an opportunity to remove barriers to growth. By enabling mass consumer adoption of Web3 products while retaining familiar payment methods, such as cards, crypto can reach billions of people. Partnerships with companies like Mastercard are crucial in embedding Web3 into the lives of billions.
In conclusion, Baanx is making significant strides in making crypto more accessible for everyday use through its innovative products and partnerships.