P2P Marketplace Paxful Launches Visa Crypto Debit Card in Partnership with BlockCard in the US
Paxful, the Peer-to-peer digital asset marketplace, has partnered with the Ternio-powered crypto Fintech platform, BlockCard, to roll out a Visa debit card the U.S. This move comes amid the increasing demand for more crypto utility, apart from the prevalent speculative narrative where most coin hodlers depend on a price surge to realize value from their digital assets.
The Visa card rolled out by Paxful and BlockCard will enable U.S clients to convert their crypto assets to dollars for instant purchases. Other functions will include a checking account and the ability to withdraw one’s crypto funds from any ATM across the world. Notably, Paxful users who leverage this card will make purchases from over 45 million outlets.
According to the launch announcement by Paxful, the Visa debit cards will initially be available in the U.S. However, plans are underway to further scale outreach into more jurisdictions where the firm operates. With the minimum balance set at $10, the Visa card initiative by Paxful aims to bank the unbanked and increase alternatives for the underbanked.
Paxful’s CEO, Ray Youseff, emphasized the importance of onboarding more people into financial ecosystems as well as exposure to the underlying products,
“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.”
Ternio, on the other hand, is assured of its commitment to linking traditional finance and crypto through the firm’s CEO Daniel Gouldman. He noted that the firm is “committed to providing interoperability between cryptocurrencies and the traditional banking system.”