Global peer-to-peer bitcoin marketplace, Paxful, and BlockCard, a crypto fintech platform by Ternio, announced today 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.
Through BlockCard, Paxful users can have a virtual card issued to them while a physical card is mailed to them. The card has a minimum of $10 balance needed. It can be used at over 45 million merchants and ATMs – anywhere in the world where major credit cards are accepted.
“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.
“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.”
Users can sign up for a Paxful Card at https://debitcard.paxful.com/.