Tezos, a smart-contract blockchain founded by Arthur and Kathleen Breitman in 2017, has announced a partnership with Baanx, a digital assets card facilitator, to introduce a new crypto payments debit card. This collaboration will enable users to make transactions using the Tezos-branded debit card on Etherlink, an Ethereum-compatible layer-2 blockchain powered by Tezos Smart Rollups technology. This technology ensures fast and cost-effective payments.
The Tezos Foundation-backed debit card will be accepted by over 110 million merchants worldwide that are compatible with Mastercard. The card is designed to connect with non-custodial wallets, allowing users to retain control of their cryptocurrency until they decide to use it. This aligns with the growing trend of crypto cards linked to non-custodial wallets, offering users greater security and autonomy over their assets.
Aside from the Tezos partnership, Baanx has also been involved in other notable collaborations. The company is reportedly working on launching a MetaMask debit card, and they already have a successful partnership with DeFi firm 1Inch. Baanx’s longstanding relationship with Tezos, spanning over four years, highlights the trust and synergy between the two entities. The Tezos Foundation has also participated in previous funding rounds conducted by Baanx.
One of the key features of the Tezos Etherlink layer-2 solution is its near-instant transaction finality, currently around 500 milliseconds, with plans to further enhance speed in the future. Siddharth Singhal, head of business development at Trilitech, a Tezos developer, emphasized the seamless payment experience enabled by the new debit card. Users can spend their on-chain balance in a non-custodial manner, similar to traditional payment methods like Apple Pay and Google Pay.
Beyond convenience, crypto cards play a crucial role in financial inclusion by providing banking alternatives for the unbanked and underbanked populations. Additionally, they offer solutions for the creator economy, allowing content creators to receive direct payments without intermediaries. Simon Jones, Baanx’s chief commercial officer, highlighted the potential of crypto cards in empowering individuals to manage their finances independently and efficiently.
The collaboration between Tezos and Baanx represents a significant step towards mainstream adoption of cryptocurrencies and blockchain technology in everyday transactions. By combining the innovation of Tezos with Baanx’s expertise in digital assets, the new Tezos-branded debit card is poised to redefine the way people interact with and utilize cryptocurrencies in their daily lives.