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HomePrice PredictionAddressing crypto debit card adoption challenges: Interview with Baanx

Addressing crypto debit card adoption challenges: Interview with Baanx

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Baanx chief commercial officer Simon Jones talks about how crypto debit cards can play a key role in broader crypto adoption.

As crypto and traditional finance (TradFi) converge, key issues include liquidity constraints, the need for seamless technical integration, and the growing demand for flexible and secure self-custody solutions. Despite these obstacles, advancements in Web3 infrastructure — like account abstraction â€” and strategic partnerships are making crypto more accessible for everyday transactions, potentially revolutionizing how users manage and spend their digital assets.

Founded in 2018, Baanx is known for its established partnerships with both Web3 and Web2 heavyweights, including Ledger, 1inch and Mastercard. Connecting a debit card to a hardware wallet, integrating a decentralized exchange (DEX) and executing end-to-end stablecoin payment on a card network are among the Baanx team’s major milestones.

Crypto Life Card stands as Baanx’s flagship product, enabling users to spend crypto in real life as a consumer card at over 90 million merchants worldwide. CL Card is currently available in 32 countries, with plans for further expansion in the United States and Latin America.

In this interview, Baanx chief commercial officer Simon Jones draws a picture of the crypto landscape and shares his insights on how crypto can be embedded into the daily lives of the mainstream.

Cointelegraph: What are the hottest trends in the crypto space in 2024 — specifically regarding adopting crypto debit cards?

Simon Jones: 2024 will mark a pivotal moment as financial technology (fintech) and crypto converge, a trend already underway and expected to continue. With the release of ERC-4337, account abstraction has become a hot topic, allowing users to connect multiple funding sources to a single wallet.

Coupled with Apple and Google easing App Store restrictions in many countries, this creates a market where crypto cards can significantly drive the next generation of wallets and the creator economy. For the first time, we have open network capabilities on both blockchain and mobile, making Web3 ready for mass market adoption.

CT: What do you think about the increased awareness of self-custody among crypto users?

SJ: I believe it’s great that users are becoming more conscious of how and where their assets are held and who has custody. This awareness allows them to consider the custody mix that best suits their needs. Products like our CL Card, which lets users connect an array of Web3 wallets, provide the freedom to store assets as they prefer while maintaining instant access to their funds.

CT: What does the business side of the crypto ecosystem do to address the changing user behavior and expectations in light of the rise of self-custody?

SJ: In a nutshell, account abstraction. It allows users to link their preferred custody source to their chosen on-ramp/off-ramp, enabling onchain access to their assets. Think of account abstraction as open banking for crypto, providing multiple transfer options and the flexibility to choose the one that best suits your needs.

CT: How would account abstraction improve crypto payments and the way crypto debit cards work?

SJ: It is a revolution. In the old world, custody was always a challenge because, when you made a purchase, the card issuer or provider took on the risk of settling and paying for it. This is why banks and platforms like Coinbase and Crypto.com require you to deposit your money in advance.

With account abstraction, users can keep their funds until they are ready to spend them. It’s akin to paying with physical cash that you carry with you, except this is a virtual option.

CT: Could you introduce us to dual-asset cards? How do they work, and what purpose do they serve?

SJ: In essence, it’s about enabling the storage and spending of both crypto and fiat assets, as well as stable assets, with complete flexibility. Our aim is to make any tradeable asset spendable over time.

The primary barrier is liquidity, but as we and the market grow, we envision a future where you can spend anything in-store — from crypto and fiat to reward points like Airmiles. If it can be tokenized, it can be used.

CT: What key challenges do you address with Crypto Life Card in making crypto more available for daily purchases?

SJ: We handle the hard work so the user does not have to. Behind the product lies extensive technical development to ensure it functions seamlessly. Additionally, we offer lending services in several countries, allowing users to borrow fiat against their crypto holdings. This means they don’t have to liquidate their crypto to make purchases.

CT: You worked with 1inch on the launch of the 1inch Card. Could you explain your role in this partnership? How does Crypto Life empower the 1inch Card?

SJ: We are thrilled to partner with 1inch to bring this revolutionary product to life. Together, we have meticulously designed the product and tailored it to meet the needs of their users. We also manage the card program on their behalf, ensuring a seamless and robust user experience.

Beyond the technical collaboration, we work hand-in-hand to market this groundbreaking offering, aiming to reach and empower users worldwide with unparalleled access to the benefits of crypto. This partnership not only showcases our combined strengths but also sets a new standard for what’s possible in the world of decentralized finance.

CT: With traditional financial giants like Mastercard entering the crypto domain, how do you envision the future relationship between crypto and TradFi?

SJ: Sometimes, you have to take the world apart, fix it, and then put it back together. TradFi doesn’t work for many people. Approximately 1.2 billion people worldwide lack access to basic financial services. By enabling mass consumer adoption of Web3 products while retaining familiar payment methods, such as tapping or swiping a card, we can remove significant barriers to growth.

Crypto thrives when it’s open source and collaborative, and connecting to a vast network like Mastercard’s is incredibly powerful. As the world becomes more tokenized and open, partners like Mastercard will be crucial in embedding Web3 into the lives of billions.

Source:- COINTELEGRAPH

Ariana Raven
Ariana Raven
🌟 Ariana Raven - Passionate Crypto & Blockchain Marketing Specialist with 3 years of experience in driving impactful marketing campaigns across the digital landscape! 🚀
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