Paxful, a global marketplace to securely trade Bitcoin with millions of users has partnered with Blockcard to roll out its first crypto debit card.
The new crypto debit card will allow users to make payments and withdraw funds in 45 million merchant and ATM locations.
Cryptocurrency has entered the mainstream financial sector and a lot of big names are now associating with digital assets to extend the usability of it. Paxful is another name that has ventured into space and has announced the launch of a crypto debit card. The Visa card will allow users to convert their cryptocurrencies into US dollars whenever they use it for the sake of making purchases. The new offering has been made possible by its partnership with the cryptocurrency Fintech concern called Blockcard.
Paxful launches its first-ever crypto debit card
The card will enable users to make payments and withdraw funds at more than 45 million merchants and ATM locations spread across the globe. Initially, when the services will launch, it will be available only to US customers. But as the expansion happens, it will spread to other regions.
Traditional banking is centralized, non-transparent, and has rendered millions of people unbanked. Not having a bank account can be a major problem because, in order to access every feature in the financial world, your verification is a must. As per the latest figures presented by the world bank, 1.7 million people are unbanked. In the US specifically, there are 25% of households that are either unbanked or underbanked as per the revelations in a 2017 survey by the Federal Deposit Insurance Corporation.
Accessibility is the key
The head honcho of Paxful and its Co-founder Ray Youssef believes that access to financial products should be affordable and imperative. It should not be anything special but should be a part of the overall scheme of things. He added:
“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.”
Crypto debit card is catching up
The debit card feature integration with cryptocurrency is currently seeing a lot of takers. A few days ago Coinbase made an official announcement of launching a visa debit card in the US. The card reportedly will offer spending rewards in the form of BTC and XLM. As per the official take, the daily spending limit for the new Coinbase card in the US will be $2500.
The Paxful crypto debit card application will be filled in online. Once confirmed the physical card will be given out to the applicants through the Blockcard’s service. Every user has to ensure that a minimum balance of $10 is maintained throughout.
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.