Paxful partners with BlockCard to launch crypto debit card

By Pavithra R

Paxful, global peer-to-peer bitcoin marketplace, has announced that the company has partnered with Ternio, a white-label technology provider giving cryptocurrency real-world utility, to offer its own crypto debit card.

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.

“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. 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,” said Ray Youssef, CEO, and co-founder of Paxful.

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.

“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. 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,” said Daniel Gouldman, CEO, and co-founder of Ternio.

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.