Business

Paxful Launches Crypto Debit Card Service.

Leading P2P [Peer-to-peer] digital asset marketplace Paxful is launching a cryptocurrency debit card service.

The Visa card permits users to convert cryptocurrencies to United States dollars at the time of purchase and comes via a partnership with the cryptocurrency fintech platform BlockCard.

Users are now able to make payments and withdraw funds at over 45 Mln merchants & ATM locations globally consistent with an official press release. At launch, the card is out there available for the United States users only but will expand to other regions going forward, Paxful added recently on Monday.

This new collaboration is touted as plugging a hole in traditional banking that has left as many as 1.7 Bln unbanked, consistent with the newest figures by the World Bank. Meanwhile, in the U.S. 25% of households are either unbanked or underbanked, consistent with a 2017 survey by the Federal Deposit Insurance Corporation.

“Access to reliable and affordable financial products is indispensable,” Paxful CEO, as well as co-founder Ray Youssef, said. “Whether looking to take a position in education, start a business, or just manage the financial demands of daily lifestyle, there should be a viable option for everybody across the world.”

The debit card will be issued virtually while users await a physical card to be mailed to them via Blockcard’s service. However, a min balance of $10 USD is required.

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