Paxful, The White Company Join Forces To Allow Customers To Exchange Bitcoin Into Prepaid Debit Cardsbr>
Paxful is crypto trading platform that aims to bring financial inclusion to the underbanked and unbanked through peer-to-peer 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.
Founded in 2017, The White Company is using blockchain technology to connect the world of global payments and financial transactions. It offers a complete solutions package combing stablecoins, a fiat on/off ramp, a cryptocurrency exchange, wallet, merchant processing product and a Visa or MasterCard prepaid option. The company claims to have exchanged over $300 million of cryptocurrency into real-world goods with over 100,000 clients across the globe.
The companies have partnered to deliver the benefits of global payments to emerging markets, allowing Paxful customers to exchange their bitcoin into Visa or MasterCard prepaid cards in 10 fiat currencies (USD, GBP, EUR, INR, AUD, CAD, JPY, HKD, CNY, BRL). The two entities hope to provide an alternative to those with limited banking options in emerging markets such as Africa, Southeast Asia or South America.
“It has always been our mission to provide financial freedom worldwide and we see this as the next big step in the financial revolution”, said Ray Youssef, CEO, and Co-founder of Paxful. “Many of our customers are unable to become banked. By allowing them to change bitcoin into prepaid debit cards we are giving them the chance to participate in both the current financial system and the digital economy. This is a real-life example of the true use cases of bitcoin, allowing the unbanked to become banked through prepaid cards by the help of peer-to-peer finance.”
According to Paxful, the partnership will make the company the first marketplace to offer its customers the ability to cash out into prepaid cards in multiple currencies.
“Our partnership with Paxful will enable millions to access the digital economy through the simple and efficient technology that powers Paxful’s peer-to-peer marketplace,” said Elizabeth White, CEO, and Founder of The White Company. “Together we can bring all the benefits of banking without the high costs to developing countries and the unbanked, as well as promote the usability of cryptocurrency worldwide.”