1inch Card to Gradually Cease Operations, Users Advised to Handle Balances by December 18
According to the FAQ page of the 1inch official help center, the 1inch Card project will gradually cease operations. New user registrations have been closed, but existing cards and accounts can still be used.
1inch advises cardholders to withdraw or spend their card balances as soon as possible, no later than December 18. The funds on the card are not held by 1inch but are stored in an electronic wallet issued by the licensed electronic money institution Monavate.
Account closures, KYC, and personal data matters are handled by the card service provider Crypto Life (CL). The termination of card functions will be decided by the issuer and service provider. According to the issuer's terms, users can still apply to redeem remaining funds within six years after account closure.
The 1inch Card is a prepaid Mastercard launched in April 2024, primarily targeting users in the European Economic Area (EEA) and the UK, supporting automatic conversion of crypto assets into fiat for online and offline payments and ATM withdrawals.
This card was launched in collaboration with 1inch, Crypto Life, and Baanx, with Monavate as the issuer. It supports various cryptocurrencies for recharge, including 1INCH, USDT, and BTC, and is compatible with Apple Pay and Google Pay.
The crypto card service is gradually exiting, driven by project operational adjustments; funds are held by the licensed institution Monavate rather than directly by 1inch, and users need to actively handle their balances before the deadline, while the service provider Crypto Life is responsible for subsequent account and data matters.
Source: Public Information
ABAB AI Insight
1inch launched the prepaid Mastercard 1inch Card in April 2024, in collaboration with Crypto Life and Baanx, issued by Monavate, targeting EEA and UK users for crypto-to-fiat consumption; the path extends from DEX aggregators to payment scenarios, historically involving issuance through partners rather than holding funds directly.
The gradual cessation of operations, with new registrations closed, requires existing users to withdraw or spend balances by December 18; funds are stored in Monavate's electronic wallet, and redemption is possible within six years after account closure, motivated by the end of this payment product line rather than a shift in core aggregation business.
This is similar to other DeFi projects (such as some protocols launching crypto cards) exiting payment products under compliance and operational cost pressures; currently, 1inch is returning to its core trading aggregation functions, with the payment card being terminated as a non-core extension.
Essentially, this represents a restructuring of the industry chain: payments and fund custody are handled by licensed electronic money institutions and service providers, with the protocol itself not holding funds; pricing and function termination rights lie with the issuer and service provider, requiring users to actively handle balances, while 1inch will concentrate resources on aggregation and core wallet functions after exiting this product line.
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- Collaborative issuance means the protocol does not hold funds and does not bear redemption.
- Handling balances before the deadline shifts exit costs to users.
- After the termination of non-core products, resources flow back to the main business.