1inch Card
The 1inch Card is a prepaid Mastercard enabling users to spend cryptocurrencies anywhere Mastercard is accepted. Launched in April 2024 through a partnership with Crypto Life and Baanx, it offers self-custody of crypto assets until the point of transaction. The card allows for seamless conversion from crypto to fiat at point of sale for both online and in-store purchases.
- Type: Mastercard prepaid debit card
- Key Feature: Self-custody model preserves user control of assets until moment of purchase
- Availability: Currently limited to UK and European Economic Area residents
- Standout Benefit: Offers 1-2% cashback with no staking requirements plus interest-free crypto-backed credit through CryptoDraft feature
- Biggest Downside: 2% card spend fee and 1.75% crypto-to-fiat conversion fee on each transaction
Card Tiers
Detailed Summary
1inch Mastercard Prepaid: Self-Custody Crypto Card with Point-of-Sale Conversion
Quick Summary
Key Features
- Self-custody model maintaining control of assets until point of purchase
- Up to 2% cashback in BXX and 1% in (BTC, USDT, 1INCH)
- CryptoDraft feature offers interest-free borrowing up to 10% of collateral value
- No monthly or annual fees with transparent fee structure
- Apple Pay and Google Pay integration for digital payments
Main Advantages
- No staking requirement for base rewards program
- Instant crypto-to-fiat conversion at point of sale
- No foreign exchange (FX) fees beyond Mastercard's standard rates
- Available as virtual card immediately after KYC approval
- Higher credit limits available via optional BXX token staking
Notable Limitations
- Currently only available in UK and EEA countries
- 2% card spend fee plus 1.75% crypto-to-fiat conversion fee
- 2% cashback option requires accepting rewards in BXX token
- May face standard prepaid card limitations with hotel/car rental holds
- Monthly cashback rewards capped at €4,800
Table of Contents
Basic Information
| Specification | Details |
|---|---|
| Card Name | 1inch Card |
| Card Network | Mastercard |
| Card Type | Prepaid Debit Card |
| Launch Date | April 2024 |
| Card Issuer | Monavate Limited (FCA-authorized Electronic Money Institution) |
| Partnerships | 1inch Network, Crypto Life (CL), and Baanx Group Ltd |
| Card Format | Virtual (issued immediately) and physical (by request) |
| Mobile Wallet Support | Apple Pay and Google Pay |
| Card Design | Limited-edition design with purple/blue scheme and 1inch unicorn logo |
Rewards and Benefits
Cashback Program
- 2% cashback when rewards are taken in BXX (Baanx's token)
- 1% cashback when rewards are taken in Bitcoin (BTC), Tether (USDT), or 1inch token (1INCH)
- Monthly cashback cap of €4,800 (equivalent to €240,000 in monthly spending at 2% rate)
- No staking required for base cashback rewards
- Cashback paid out monthly to user's account in selected cryptocurrency
Credit Features
- CryptoDraft: Interest-free crypto-backed credit line (0% APR on first 10% of collateral value)
- StableLoan: Fixed-term loans with predetermined interest rates
- Optional BXX Staking Benefits:
- Staking $1,000 in BXX: Interest-free borrowing up to 25% LTV (vs. 10% standard)
- Staking $5,000 in BXX: Interest-free borrowing up to 35% LTV
- Staking $10,000+ in BXX: Interest-free borrowing up to 50% LTV
- BXX staking yields: 5% APY for 3-month stakes, up to 25% APY for 12-month stakes
Fees and Limits
| Fee Type | Amount |
|---|---|
| Card Issuance | Free (virtual and physical) |
| Monthly/Annual Fee | None |
| Card Spend Fee | 2% for any payment with the card |
| Crypto-to-Fiat Conversion | 1.75% |
| Crypto-to-Crypto Conversion | 1.75% |
| ATM Withdrawal (UK in GBP) | £2.50 per withdrawal |
| ATM Withdrawal (non-UK) | €3.00 plus 1.5% of transaction value |
| Crypto Withdrawal (excl. stablecoins) | 0.4% |
| Stablecoin Withdrawal | 0.5% |
| Fiat Withdrawal (bank transfer) | 3.49% |
| Foreign Exchange (FX) | 0% (Mastercard's standard rates apply) |
| Card Replacement | Not specified in official sources |
| Limit Type | Amount |
|---|---|
| Daily Spending | €8,000 (or GBP equivalent) |
| ATM Withdrawals | High limits; withdrawals above €10,000/£10,000 require additional documentation |
| Monthly Cashback Cap | €4,800 |
Card Tiers and Options
| Feature | Standard Tier (Only Available Tier) |
|---|---|
| Issuance Fee | Free (virtual and physical) |
| Card Material | Standard plastic Mastercard |
| Design | Limited-edition with 1inch unicorn logo in purple/blue |
| Delivery | Virtual card issued instantly upon KYC approval; physical card available by request |
| Staking Requirement | None for base features |
| Daily Spending Limit | €8,000 |
| ATM Withdrawal Limit | High limits (€10,000+ requires additional verification) |
| Cashback Rate | 1-2% depending on reward currency |
While there are no premium tiers, users may stake BXX tokens to unlock enhanced benefits such as higher interest-free credit limits (up to 50% LTV with $10,000+ staked). This functions as a loyalty program rather than a separate card tier.
Top-Up Methods
The 1inch Mastercard Prepaid Card does not require traditional pre-loading or top-ups; instead, it uses a self-custody model where users retain control of their crypto assets until the moment of purchase. When making a card payment, the specified cryptocurrency (BTC, ETH/WETH, LTC, XRP, 1INCH, BXX, USDT, USDC, or EURT) is converted to EUR or GBP at the point of sale via the mobile app, with a 1.75% crypto-to-fiat conversion fee plus a 2% card spend fee. Funds are instantly deducted from the user's connected wallet with no waiting period or minimum top-up amount, and assets only move from the user's self-custody wallet to the provider for immediate settlement. No pre-loading or custodial transfer is required until spending occurs, minimizing custody risk and enhancing user control.
Self-Custody True Self-Custody
The 1inch Card follows a self-custody model where your crypto remains under your direct control in your own wallet, and only leaves your possession at the moment you make a purchase. When you pay, the chosen cryptocurrency is converted to fiat in real time, allowing you to spend it anywhere Mastercard is accepted without needing to pre-load or transfer funds in advance. This means you control your private keys and can access your assets independently if you ever stop using the card or if the provider were to cease operations. However, once the crypto is converted and held as fiat (for example via pending refunds or features like the CryptoDraft credit line), those balances may be subject to custodial holding by the issuer. The main advantages are strong asset control and the ability to spend without sacrificing custody up front, but limitations include mandatory KYC, fees for conversion and spending, and the need to rely on provider infrastructure for fiat wallet features. This approach balances the security benefits of self-custody with the flexibility of instant crypto-to-fiat payments.
Supported Currencies and Conversion
Supported Cryptocurrencies
- Bitcoin (BTC)
- Ethereum (ETH) via Wrapped Ether (WETH)
- Litecoin (LTC)
- XRP (Ripple)
- 1INCH (1inch Network Token)
- BXX (Baanx Token)
- Stablecoins: USDT (Tether), USDC (USD Coin), EURT (Euro Tether)
Supported Fiat Currencies
- Euro (EUR) – default for European users
- British Pound (GBP) – default for UK users
- Other fiat currencies supported for transactions via Mastercard's FX conversion
Conversion Process
- Crypto converted to fiat automatically at the moment of transaction
- 1.75% conversion fee from crypto to fiat
- Users can specify preferred crypto source for conversions
- Real-time conversion and settlement
- Transactions displayed in account's base currency (EUR/GBP)
Geographic Availability
Currently Supported
- United Kingdom
- All European Economic Area (EEA) countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden
- Total of approximately 30 countries supported
Currently Unavailable
- United States
- Canada, Australia, Asia, Africa, and other global regions
- Future expansion to North America and Latin America planned for 2025
The card is only available to residents of supported regions who can complete the required KYC verification. Standard sanctions lists (e.g., OFAC-sanctioned countries) also apply per compliance requirements.
Compliance and Security
Regulatory Framework
- Card issued by Monavate Limited, regulated by UK Financial Conduct Authority (FCA, FRN 901097)
- Complies with EU/UK financial laws (anti-money-laundering, GDPR data protection)
- Crypto Life/Baanx have FCA registration for crypto activities
- Complies with EEA electronic money directives
Custody Model
- Self-custody "until the moment of purchase"
- Users control crypto private keys in their wallet
- Funds only move for conversion when spending
- Fiat balances (in the CL e-wallet) are held in segregated accounts by the issuer (custodial)
Identity Verification
- Mandatory KYC for all users
- Government-issued ID (passport, driver's license)
- Proof of address (utility bill or bank statement)
- Selfie or liveness check
- Additional documentation required for transactions over €10,000
Security Features
- Two-Factor Authentication (2FA) for account login and sensitive actions
- Ability to freeze card instantly if needed
- Encrypted communications (HTTPS and app-layer encryption)
- Biometric authentication through wallet app
Technical Details
Integration with 1inch Ecosystem
- Works with 1inch Wallet app
- Leverages 1inch's DeFi infrastructure for certain features
- Partnership with Crypto Life (CL) and Baanx for card services
Mobile App Features
- View transaction history in real-time
- Lock/unlock card instantly
- Switch spending currency or crypto source
- Manage reward preferences
- View balances (crypto and fiat)
- Access loan features (CryptoDraft, StableLoan)
Technical Limitations
- As a prepaid card, may face issues with hotel deposits, car rentals, or other merchant holds
- Cannot be used where physical imprint or swipe is required (for virtual card)
- Standard Mastercard merchant category restrictions apply
User Experience
App and Card Usage
- Primary interface through mobile app
- Real-time transaction notifications
- Language support currently primarily in English
- Seamless integration with Apple Pay and Google Pay
Support Channels
- Email support: support@withcl.com
- Help center on 1inch site and CryptoLife FAQ pages
User Feedback
- Positive: Seamless spending experience, Apple/Google Pay convenience, no monthly fees
- Negative: BXX conversion can be cumbersome, reward payout delays, limited physical card availability initially
Common Workarounds
- For hotels or car rentals requiring security deposits, use a traditional credit card alongside the 1inch Card
- Some users recommend immediately swapping BXX rewards to another asset if not interested in holding BXX long-term
- Until physical card arrives, users can utilize mobile wallets for in-store payments
Best Suited For
- Crypto Holders who want to spend digital assets without manually converting to fiat first
- DeFi Enthusiasts who appreciate the self-custody model and prefer controlling their assets
- European Residents who live in the UK or EEA and want crypto payment options
- Regular Spenders who can benefit from the cashback program on everyday purchases
- Long-term Holders who want to leverage their crypto holdings via the card's loan features while "HODLing" their assets
Pros and Cons
Pros
- Self-custody model preserves asset control until point of purchase
- No monthly or annual fees, transparent fee structure
- 1-2% cashback with no staking requirements for base rewards
- Instant virtual card issuance after KYC approval
- Innovative credit features like interest-free CryptoDraft
Cons
- 2% card spend fee plus 1.75% crypto-to-fiat conversion fee
- Limited geographic availability (UK and EEA only)
- Higher 2% cashback requires accepting rewards in BXX token
- Standard prepaid card limitations for hotel and car rental deposits
- BXX token has limited liquidity compared to major cryptocurrencies
Conclusion
The 1inch Card represents a significant advancement in bridging decentralized finance with everyday spending. Its standout features include the self-custody model that maintains user control until the moment of transaction, the absence of monthly fees, and generous cashback rewards without staking requirements. The integration with the 1inch Wallet provides a seamless experience for users already in the ecosystem, while features like CryptoDraft and StableLoan offer financial flexibility beyond simple spending.
However, the card does have notable limitations. Geographic availability is currently restricted to the UK and EEA, excluding major markets like the US and Asia. The fee structure includes various charges such as a 2% card spend fee and 1.75% crypto-to-fiat conversion fee, though these may be offset by cashback for some users. Additionally, those choosing BXX for the higher 2% cashback rate should be aware of potential challenges in converting this token due to lower liquidity.
The 1inch Card is ideally suited for crypto-savvy individuals in Europe and the UK who want to utilize their digital assets for everyday expenses without selling them or withdrawing through exchanges. As cryptocurrency adoption continues to grow and the card expands to additional regions, it is well-positioned to serve as a practical bridge between the crypto economy and daily financial needs.
Additional Information
Tax Considerations
Users should be aware that spending crypto via the card constitutes a taxable event in many jurisdictions, as it involves converting cryptocurrency to fiat. This may trigger capital gains tax obligations depending on the user's location and applicable tax laws. The card does not provide automated tax reporting, though transaction records are available for users' reference.
BXX Token Considerations
The BXX token, used for the highest cashback rate and staking benefits, carries its own market risks. Its value can fluctuate, affecting the real value of rewards earned. Some users have reported challenges with BXX liquidity and conversion costs. This underscores the importance of understanding the token's role in the ecosystem before optimizing for BXX rewards.
Funding Methods
While the primary method for using the card involves converting existing crypto holdings, users can also fund their card via the loan features (CryptoDraft and StableLoan) using their crypto as collateral. This provides flexibility for users who prefer not to sell their assets but still need spending power.
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