Paxful said that the goal with the cryptocurrency Visa debit cards is to bring traditional financial services to the “unbanked” or the “underbanked”. The crypto debit card will be useful to all merchant locations and ATMs worldwide.
Paxful, the peer-to-peer digital asset marketplace, has come up with its own crypto Visa Debit cards. This service will be initially available to U.S. customers wherein the users can convert their digital currencies to USD at the time of purchase.
Paxful efforts aim at bringing crypto use to the mainstream while competing with other players in the market. To launch its crypto debit card, Paxful has also joined hands with fintech platform BlockCard that is part of the Ternio Group. Besides, BlockCard’s recent association with Visa will help Paxful for a smooth roll-out of its crypto debit cards.
With the Paxful debit card, users get straight access to 45 million merchant locations across the globe. Just like the normal debit cards, the physical crypto debit card will be useful at all stores and ATMs worldwide. Moreover, users can also access the virtual debit cards directly from their smartphones. Paxful CEO and co-founder Ray Youssef said:
“Access to reliable and affordable financial products is essential. Whether you want to invest in education, start a business, or simply manage the financial demands of everyday life, there should be a viable option for everyone around the world. Paxful has always been dedicated to providing that option, whether it be to users who are on the platform by preference or need.”
Paxful Crypto Cards: Bringing Financial Services to the Underbanked
Paxful and Ternio have pitched their crypto debit cards as a way for the “unbanked” to get access to traditional financial services. Ternio CEO and co-founder Daniel Gouldman said:
“Paxful is the best peer-to-peer bitcoin marketplace in its class, so we are excited about the prospect of providing its clients with access to the BlockCard platform. It will be fun to combine all of Paxful’s strengths with Blockcard’s global debit card and bank account capabilities. Ternio is committed to providing interoperability between cryptocurrencies and the traditional banking system ”.
This partnership aims at creating a world wherein traditional financial systems and cryptosystems work side-by-side instead of as competitors. Upon signing for the Paxful crypto debit card, users will get quick access to the virtual version before the physical one ships. However, users need to have a minimum balance of $10.
Apart from Paxful, even big players have decided to offer crypto debit cards. Crypto exchange Coinbase announced that it will launch its Visa crypto debit card next year in the U.S. non-banking lending and crypto-based loan service provider BlockFi also has similar plans.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.