Baanx Introduces Rewards Wallet with Circle Technology
Baanx, a cryptocurrency debit card enabler for platforms like MetaMask and 1inch, has launched a new rewards wallet that combines on-chain finance with traditional loyalty perks and discounts. This innovative solution leverages underlying technology from Circle, the provider of the USDC stablecoin.
Using Circle’s programmable wallet tech, the Baanx platform offers crypto holders access to cashback, fee discounts, subscription perks, and exclusive gated experiences. This move reflects the ongoing convergence between traditional card networks and the world of stablecoins and decentralized finance (DeFi).
Bringing Blockchain to Everyday Financial Needs
The rewards wallet from Baanx helps bridge the gap between blockchain technology and everyday financial requirements. Simon Jones, Chief Commercial Officer at Baanx, emphasized the significance of this development in a recent interview. He highlighted the unprecedented rewards offered on the crypto debit card, designed to incentivize users towards non-custodial spending.
For example, the MetaMask card offers up to 6% cash-back for the first month, showcasing the benefits of embracing blockchain for financial transactions. Circle’s technology, known for creating the $60 billion USDC stablecoin, provides the infrastructure for the Rewards Wallet, enabling seamless integration of features across various crypto projects without altering the user experience.
Promoting USDC as the Preferred Treasury Token
Jones explained the decision to prioritize USDC over Tether (USDT) within the rewards program. By utilizing USDC as the main treasury token and incentive mechanism, Baanx aims to enhance the value proposition for crypto users seeking tangible benefits from their digital assets.
Sanja Kon, VP of partnerships & business development, Europe at Circle, expressed excitement about the collaboration with Baanx. By integrating Circle’s Wallet technology, Baanx is delivering real-world value to crypto users in innovative ways, paving the path for further adoption of blockchain-based financial solutions.