Tezos foundation collaborates with baanx to launch non-custodial crypto card

Tezos Foundation Collaborates with Baanx to Launch Non-Custodial Crypto Card

Last Updated: July 10, 2024By

Tezos, the avant-garde smart-contract blockchain established by Arthur and Kathleen Breitman in 2017, is set to emblazon its name on an innovative crypto payments debit card. This groundbreaking initiative is in collaboration with Baanx, the digital assets card facilitator and Mastercard ally.

Transactions with the Tezos-branded, non-custodial crypto card will occur on Etherlink, an Ethereum-compatible layer-2 blockchain harnessing Tezos Smart Rollups technology, enabling rapid and economical payments. The Tezos Foundation-backed debit card will be honored by over 110 million global merchants compatible with Mastercard.

The burgeoning popularity of crypto cards linked to non-custodial wallets – empowering users to retain control of their crypto assets until utilization – is noteworthy. Mastercard and Baanx are also reportedly deploying a MetaMask debit card, and the DeFi entity 1Inch has its own card in circulation. The collaboration between Baanx and Tezos spans over four years, with the Tezos Foundation participating in previous Baanx funding rounds.

Read more: AIConnect Foundation’s $10 Million Ecosystem Support Fund to Propel Blockchain Pioneering

The Tezos Etherlink Layer 2, currently offering sub-second transaction finality at approximately 500 milliseconds, is poised to become even faster in the upcoming months, according to Siddharth Singhal, Head of Business Development at Trilitech, a Tezos developer.

“We have engineered an on-chain, non-custodial payment experience, enabling users to spend their on-chain balance in a non-custodial manner, akin to using any MasterCard,” Singhal stated in an interview. “This system works seamlessly with Apple Pay, Google Pay, and in physical retail environments—anywhere a debit card is accepted.”

The concept of crypto cards encompasses replacing traditional online banking and addressing the needs of the unbanked or underbanked, as well as supporting the creator economy by facilitating wallets that directly pay users, explained Simon Jones, Chief Commercial Officer of Baanx.

“Beyond the approximately 1.2 billion individuals lacking access to financial services, there are those who prefer to eliminate traditional banking but still require real-world connectivity,” Jones elaborated in an interview. “Additionally, the creator economy, such as gaming wallet operators, can benefit by paying users directly without surrendering revenues to intermediaries like Apple. Why not connect directly with the consumer.

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About the Author: Eunji Lim

Eunji lim

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