Paxful Teams With BlockCard To Offer Crypto Debit Card
Peer-to-peer (P2P) bitcoin marketplace Paxful has teamed with crypto FinTech platform BlockCard to launch a crypto debit card.
Paxful is crypto trading platform that aims to bring financial inclusion to the underbanked and unbanked through P2P finance. Every customer gets a free digital wallet that lets them send, receive, and store bitcoin. They’re cutting out the middleman with their secure escrow service and provide help to their customers with a 24/7 customer support system.
Launched by blockchain startup Ternio last year, BlockCard is a cryptocurrency debit card that allows card holders to spend their cryptocurrency holdings with the same ease as traditional credit cards. It supports multiple cryptocurrencies including, bitcoin (BTC), ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumens (XLM) and Ternio (TERN).
The partnership aims to fill a gap in the traditional financial system that has left many without access to essential banking products. According to a 2017 survey by the FDIC, 25 percent of US households are unbanked or underbanked, while global numbers have reached a staggering 1.7 billion, according to data released by the World Bank.
Initially available in the US, with global expansion in development, Paxful’s crypto debit card will give users the ability to convert cryptocurrencies to USD, make purchases, get a checking account, and withdraw funds from any ATM worldwide.
Through BlockCard, Paxful users can have a virtual card issued to them while a physical card is mailed to them. The card has a minimum of $10 balance needed. It can be used at over 45 million merchants and ATMs – anywhere in the world where major credit cards are accepted. BlockCard will also provide dedicated technical customer service and all-in-one services on its mobile app.
“Access to reliable and affordable financial products is indispensable,” said Ray Youssef, CEO, and co-founder of Paxful. “Whether looking to invest in education, start a business, or simply manage the financial demands of everyday life, there should be a viable option for everyone across the globe. Paxful has always been dedicated to providing that option, be it to users who are in the platform as a matter of preference, or necessity.”
“Paxful is a best in class peer to peer bitcoin marketplace, so we’re pumped up about being able to provide their customers access to the BlockCard platform,” said Daniel Gouldman, CEO and co-founder of Ternio. “It’s going to be fun to pair together all of the strengths of Paxful with Blockcard’s global debit card and bank account capabilities. Ternio is committed to providing interoperability between cryptocurrencies and the traditional banking system.”
