Paxful launches debit card
Cryptocurrencies,  Technology

Paxful launches a debit card with a new partnership

The P2P cryptocurrency exchange says the card will only be available to United States-based customers at first

Peer-to-peer cryptocurrency exchange Paxful launched a crypto asset-based debit card with its new partner BlockCard.

According to an announcement shared with Modern Consensus on Nov. 2, the card will initially allow United States users to spend their cryptocurrencies anywhere, but the firm plans to expand the service globally in the future. Customers will be able to convert cryptocurrencies to USD, make purchases, get a checking account, and withdraw funds from any ATM worldwide.

U.S. only, for now (Photo: Paxful)

The service reportedly aims to serve the people who were left out by the traditional financial system. The announcement cites a 2017 Federal Deposit Insurance Corporation survey which showed that 25% of U.S. households are unbanked or underbanked. Paxful CEO and co-founder Ray Youssef said:

“Access to reliable and affordable financial products is indispensable. […] 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.” 

BlockCard is the issuer and operator of the new card, and it will also provide dedicated technical customer service and other services on its mobile app. Daniel Gouldman, CEO and co-founder of Ternio—the card operator’s parent company—said:

“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.”

Speaking of the value of pairing the “strengths of Paxful with Blockcard’s global debit card and bank account capabilities,” Gouldman added, “Ternio is committed to providing interoperability between cryptocurrencies and the traditional banking system.”

The space of crypto-powered prepaid cards is becoming increasingly competitive, especially in the United States. As Modern Consensus reported at the end of October, major cryptocurrency exchange Coinbase also just launched its crypto-enabled debit card for its American customers. The company promises that the users of the card can earn back up to 4% of what they spend.

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Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.