1inch to End 1inch Card Service on Dec. 18, Halt New Sign-Ups
Summary
- 1inch said it will end its prepaid payment card service, the 1inch Card, on Dec. 18.
- New user registration for the 1inch Card has already been suspended, and existing users must spend or withdraw their balances before the service ends.
- The 1inch Card targeted users in the European Economic Area (EEA) and the U.K. and supported crypto asset top-ups including 1INCH, Tether (USDT) and Bitcoin (BTC).
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Decentralized exchange aggregator 1inch will shut down its prepaid payment card service, the 1inch Card.
Crypto-focused media outlet BlockBeats reported on Oct. 20 that 1inch said in its official help center that the 1inch Card service will end on Dec. 18. New user registration has already been suspended.
Existing cardholders must spend or withdraw their remaining balances before the service ends. Account closures, Know Your Customer, or KYC, procedures and data-related requests will be handled by card-issuing partner Crypto Life, or CL.
The 1inch Card is a prepaid Mastercard launched by 1inch in partnership with Crypto Life and Baanx, with Monavate serving as the issuer. It launched in April 2024 and primarily targeted users in the European Economic Area, or EEA, and the U.K.
Users could automatically convert their crypto holdings into fiat currency for online and offline payments or ATM withdrawals. The card also supported Apple Pay and Google Pay and was available in both virtual and physical formats.
Supported top-up assets included 1INCH, Tether (USDT), Bitcoin (BTC), Litecoin (LTC), XRP and BXX.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.