Baanx, a provider of cryptocurrency debit card solutions for platforms like MetaMask and 1inch, has announced the launch of a rewards wallet that combines on-chain finance with traditional loyalty perks and discounts. This innovative offering utilizes technology from Circle, the company behind the USDC stablecoin.
Powered by Circle’s programmable wallet technology, the Baanx platform enables crypto holders to enjoy cashback rewards, fee discounts, subscription perks, and exclusive experiences, as stated in a recent press release.
The increasing convergence between traditional card networks and the world of stablecoins and decentralized finance (DeFi) has led to partnerships such as Mastercard teaming up with Web3 wallet MetaMask, and rumors of Visa engaging with Sam Altman’s World Network.
The rewards wallet from Baanx serves as a bridge between blockchain technology and everyday financial requirements, noted Simon Jones, Chief Commercial Officer at Baanx.
“Utilizing Circle’s technology, we have developed the Rewards Wallet to offer unparalleled rewards on a crypto debit card, encouraging users to adopt non-custodial spending practices,” Jones explained. “For instance, users of the MetaMask card can enjoy up to 6% cashback during the first month of usage.”
Circle, known for creating the $60 billion USDC stablecoin, provides programmable wallet infrastructure that facilitates the addition of new features to various crypto projects without altering the user interface, according to Jones.
“We are promoting USDC as the primary treasury token and incentive mechanism within these products, rather than Tether (USDT),” he added.
Sanja Kon, VP of partnerships & business development, Europe at Circle, expressed excitement about the integration of Circle Wallet technology by Baanx. “By leveraging this technology, Baanx is delivering tangible value to crypto users in innovative ways,” Kon stated.
