1inch Discontinues Crypto-Linked Prepaid Card Service
The platform is winding down its prepaid Mastercard service for users in Europe and the United Kingdom.
Updated on Oct. 20, 2026 in Investing
Live Poll
Do you trust the security of funds held by third-party providers for crypto-branded debit cards?
1inch has stopped new registrations for its crypto-linked 1inch Card and is preparing to shut down the entire service. The platform launched the prepaid Mastercard in April 2024 for residents within the European Economic Area and the United Kingdom.
Why it matters
The shutdown marks the end of a service that allowed users to convert their crypto assets into spendable fiat balances on a prepaid card. While the specific reason for the closure remains unstated, users have until late 2026 to settle their accounts.
The 1inch Card operated for approximately 2.5 years before the wind-down was confirmed. Users maintain the right to redeem any leftover funds for up to six years following their account closure.
The players
1inch
1inch is a decentralized finance platform known for its liquidity aggregation protocols.
Monavate
Monavate is a licensed electronic money institution that provides payment and card issuing services.
Baanx
Baanx is a financial technology company that provides infrastructure for digital asset and crypto-based card programs.
The details
The card functioned through partnerships with Monavate, Crypto Life, and Baanx, which managed provider services, account closures, and KYC protocols. Funds loaded onto the cards are currently held and controlled by the licensed electronic money institution Monavate.
Timeline
The 1inch Card launched in April 2024.
1inch confirmed the service wind-down on October 20, 2026.
The deadline to spend or withdraw all remaining card balances is December 18, 2026.
Market Dynamics
This service closure follows a trend of consolidation and regulatory pressure within the sector for crypto-backed prepaid debit cards. These adjustments reflect the broader difficulty of integrating volatile digital assets into traditional retail payment infrastructures.
Existing cardholders should ensure they spend or withdraw their remaining balances before the December 18, 2026, deadline to avoid complications. After the service officially closes, users retain the right to claim remaining funds for up to six years.
The takeaway
Users should prioritize clearing their card balances well ahead of the December shutdown to ensure a smooth transition. Keeping track of card-linked accounts is essential when dealing with third-party managed digital financial products.
What happens next
Users must spend or withdraw all remaining funds from their 1inch Card accounts by December 18, 2026.
Further reading
Explore broader market trends in the Investing section for more context.
Live Poll
Do you trust the security of funds held by third-party providers for crypto-branded debit cards?
