Global peer-to-peer bitcoin marketplace, Paxful, and BlockCard, a crypto fintech platform by Ternio, announced a partnership that offers a crypto debit card. Initially available in the USA, with global expansion in development, the 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.
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 U.S. households are unbanked or underbanked, while global numbers have reached a staggering 1.7 billion, according to data released by the World Bank.
With the new BlockCard powered Paxful card, users will be issued a virtual card to use immediately after passing KYC while a physical card is mailed to them. Users are required to keep a minimum balance of $10 to keep the card active, and it can be used at over 61 million merchants worldwide, wherever Visa is accepted. Users will be able to deposit 13 different cryptocurrencies which will be converted to USD for immediate spending power.
“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.”
In addition to issuing the debit card, BlockCard will provide dedicated technical customer service and all-in-one services on its mobile app.
The current traditional financial system has created an accessibility gap, with many unable to access the essential banking products that we can take for granted. Paxful’s goal is to empower anyone and everyone, worldwide, to take control of their money using peer-to-peer transactions.
The new crypto debit card will be available to U.S. residents and will allow users to convert their cryptocurrency into USD to open bank accounts, make purchases, and withdraw cash from ATMs across the globe, with an international card option to follow.
“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.
Recently, Paxful partnered with Bnext to help drive financial inclusion in Mexico.
Founded in 2017, Ternio is a leading blockchain company providing white-label technology to enterprise organizations which gives blockchain and cryptocurrency real-world application. The FinTech is an Amazon advanced technology partner.