Baanx and Tezos Launch First Non-Custodial On-Chain Crypto Card

Baanx
and
Tezos
have
unveiled
the
first
non-custodial
on-chain
cryptocurrency
payment
card,
revolutionizing
the
decentralized
finance
(DeFi)
landscape.
According
to

Tezos
Spotlight,
this
innovative
card
leverages
Etherlink,
a
Smart
Rollup
blockchain
powered
by
Tezos,
to
provide
users
with
full
control
over
their
cryptocurrency
assets.

Bridging
Traditional
Finance
and
Web3

Baanx
aims
to
bridge
the
gap
between
traditional
finance
and
Web3
by
integrating
established
financial
systems
with
the
advanced
capabilities
of
the
Tezos
blockchain.
The
new
crypto
card
offers
lower
fees,
faster
transactions,
and
enhanced
financial
autonomy
compared
to
traditional
payment
methods.
Baanx’s
Chief
Commercial
Officer,
Simon
Jones,
highlighted
the
growing
use
of
cryptocurrency
cards,
particularly
among
the
25-44
age
demographic,
and
the
potential
market
size,
given
the
global
payments
industry’s
valuation
of
$2.4
trillion
and
approximately
1.4
billion
unbanked
individuals.

The
use
of
cryptocurrency
cards
is
growing,
especially
among
the
25-44
age
demographic.
The
potential
market
is
vast,
with
the
global
payments
industry
valued
at
$2.4
trillion
and
approximately
1.4
billion
people
unbanked.
Baanx
aims
to
replace
traditional
banking
with
technology,
offering
financial
services
to
anyone
with
a
mobile
phone.

Non-Custodial
On-Chain
Crypto
Payments

Current
Web2
and
Web3
payment
solutions
often
fail
to
offer
users
full
control
over
their
assets,
leading
to
security
risks
and
inefficiencies.
Traditional
banks
and
existing
crypto
payment
solutions
typically
require
users
to
hand
over
control
to
third-party
custodians,
increasing
counterparty
risk
and
imposing
high
fees
and
slow
processing
times,
particularly
for
cross-border
transactions.

The
non-custodial
solution
introduced
by
Baanx
and
Tezos
addresses
these
issues
by
allowing
users
to
maintain
full
control
over
their
assets.
This
approach
enhances
security
by
ensuring
that
private
keys
are
kept
by
the
users,
reducing
the
risk
of
hacks
and
unauthorized
access.

Baanx
Crypto-Fiat
Debit
Card

The
new
on-chain
debit
card
leverages
Etherlink,
an
EVM-compatible
layer
2
blockchain
powered
by
Tezos,
providing
a
secure,
efficient,
and
user-friendly
payment
method.
The
card
offers
several
key
benefits:

• 
  Self-custody:
  Users
  retain
  full
  control
  over
  their
  cryptocurrency
  assets,
  adhering
  to
  the
  principle
  of
  “your
  keys,
  your
  crypto.”
• 
  Fast
  and
  low-cost
  transactions:
  Etherlink
  ensures
  sub-second
  block
  times
  and
  significantly
  lower
  gas
  fees,
  making
  real-time
  payments
  practical
  and
  affordable.
• 
  Financial
  inclusion:
  The
  solution
  empowers
  millions
  of
  unbanked
  individuals
  with
  advanced
  financial
  services
  by
  offering
  lower
  fees
  and
  faster
  transactions.
• 
  Intuitive
  User
  Interface:
  The
  card’s
  UI
  is
  designed
  to
  make
  the
  user
  experience
  smooth
  and
  straightforward,
  allowing
  easy
  wallet
  linking,
  spending
  limit
  settings,
  and
  fund
  management.
• 
  Decentralized
  approach:
  Tezos
  Smart
  Rollups
  are
  supported
  directly
  by
  the
  Tezos
  protocol,
  enabling
  high
  decentralization
  without
  the
  need
  for
  complex
  smart
  contract
  workarounds
  and
  centralized
  sequencers.

How
the
Card
Works

The
debit
card
will
be
available
in
physical
and
virtual
formats
and
via
Google
and
Apple
Pay.
It
enables
online
and
in-person
crypto
purchases
and
cash
withdrawals
at
supported
ATMs
through
seamless
crypto-to-fiat
conversion.
Linking
the
card
to
a
wallet
requires
a
quick
sign-up
and
an
on-chain
transaction
to
delegate
funds.
Users
can
set
spending
limits
and
manage
their
card
through
an
intuitive
UI.
The
card
employs
account
abstraction
and
delegation,
ensuring
users
retain
custody
of
their
funds
until
they
are
ready
to
spend
them,
and
supports
multiple
funding
sources,
transforming
the
wallet
into
a
super
account.

Driving
Mass
Adoption

Baanx
is
driving
mass
adoption
of
crypto
payments
by
seamlessly
integrating
with
popular
cryptocurrency
wallets
like
Ledger,
Exodus,
Trust
Wallet,
and
1inch.
These
wallets
provide
secure,
user-controlled
cryptocurrency
management
and
DeFi
integration
with
multi-currency
support
and
user-friendly
interfaces
across
various
platforms.
Global
expansion
is
also
on
the
cards,
with
Baanx
initially
targeting
Europe
and
the
UK,
aiming
to
attract
one
million
users
within
the
next
12
months
and
expand
to
the
United
States,
Latin
America,
and
Asia.

A
Promising
Future
for
Cryptocurrency
Payments

By
addressing
critical
issues
in
security,
accessibility,
cost,
and
user
experience,
the
new
payment
solution
from
Baanx
and
Tezos
paves
the
way
for
a
decentralized,
self-custodial
financial
future.
This
innovative
solution
offers
a
promising
alternative
to
traditional
banking
systems
and
advances
the
global
adoption
of
cryptocurrency
payments.

Image
source:
Shutterstock