Baanx, a renowned cryptocurrency debit card provider, servicing notable names like MetaMask and 1inch, has revealed its latest innovation: a rewards wallet. This new offering seamlessly blends on-chain finance with conventional loyalty benefits and discounts, powered by underlying technology from Circle, the creator of the USDC stablecoin.
Built on Circle’s programmable wallet technology, the Baanx platform extends to crypto holders the opportunity to benefit from cashback offers, fee reductions, subscription perks, and exclusive, gated experiences.
This move comes amidst an ongoing convergence between orthodox card networks and the on-chain ecosystem of stablecoins and decentralized finance (DeFi). This trend is highlighted by Mastercard’s recent partnership with Web3 wallet MetaMask, and the reported ongoing discussions between Visa and Sam Altman’s World Network.
Baanx’s rewards wallet offering plays a crucial role in bridging the gap between blockchain technology and everyday financial necessities, as expressed by Baanx Chief Commercial Officer Simon Jones.
“We’ve constructed the Rewards Wallet using Circle to offer unprecedented rewards on a crypto debit card, thereby incentivizing users to opt for non-custodial spend,” Jones explained in an interview. “Take the MataMask card as an example. It offers up to 6% cash-back for the first month.”
Circle, celebrated for creating the $60 billion stablecoin USDC, provides programmable wallet infrastructure. This allows for the addition of features to multiple crypto projects without necessitating a change in the user interface, according to Jones.
“We are promoting USDC as the primary treasury token and incentive program within these products, as opposed to Tether [USDT],” he added.
This new development was lauded by Sanja Kon, VP of partnerships & business development, Europe at Circle. In a statement, Kon said, “Circle Wallets offer a fantastic foundation for the Rewards Wallet. By integrating this technology, Baanx is bringing real-world value to crypto users in new and exciting ways.”
This move by Baanx is a significant step towards bridging the gap between the digital currency world and traditional finance, offering consumers the benefits of both worlds. It utilizes the innovative technology provided by Circle to provide crypto users with tangible, real-world benefits, further enhancing the usability and appeal of digital currencies.
