Tezos and Baanx Collaboration
Tezos Foundation is collaborating with Baanx to launch a non-custodial crypto card. Baanx has been working with Mastercard to offer various crypto card solutions.
Tezos-Branded Debit Card
Tezos, founded by Arthur and Kathleen Breitman in 2017, will introduce a Tezos-branded debit card. This card, created with Baanx, will allow transactions on Etherlink, an Ethereum-compatible layer-2 blockchain using Tezos Smart Rollups technology. This ensures fast and cost-effective payments. The debit card will be accepted by over 110 million global merchants that support Mastercard.
Growing Popularity of Non-Custodial Crypto Cards
Non-custodial crypto cards are gaining popularity as they let customers retain control of their crypto until needed. Baanx and Mastercard are launching a MetaMask debit card, and DeFi firm 1Inch already has one. Baanx has collaborated with Tezos for over four years, with Tezos Foundation participating in previous Baanx funding rounds.
Advanced Technology for Faster Transactions
The Tezos Etherlink layer 2 currently offers transaction finality in around 500 milliseconds. This speed is expected to improve in the coming months, according to Siddharth Singhal, head of business development at Trilitech, a Tezos developer. Singhal mentioned that they have created an on-chain, non-custodial payment experience for users to spend their on-chain balance just like any Mastercard, similar to Apple Pay and Google Pay.
Benefits of Crypto Cards
Crypto cards serve as a replacement for online banking and assist the unbanked or underbanked population. They also benefit the creator economy by allowing direct payments to users without intermediaries. Simon Jones, Baanx’s chief commercial officer, highlighted that about 1.2 billion people lack access to financial services. Crypto cards offer real-world connectivity for those wanting to move away from traditional banking and provide a direct payment method for creators and gamers.
