Paxful to Boost Financial Inclusion with Its First Crypto Debit Card

Shine Li  Nov 04, 2020 11:47  UTC 03:47

2 Min Read

Bitcoin trading platform Paxful announced that it will be adding a crypto debit card to its financial services.

The crypto debit card is already available for signups and will enable conversions of cryptocurrencies to USD. It will also have the functions of a regular bank debit card – users will be able to withdraw their funds from ATMs and get a checking account with it. A virtual and physical version of the card will be provided, and users will be able to transact with Paxful’s crypto debit card anywhere where major credit cards are accepted.

Financial inclusion for the unbanked and underbanked

Paxful has long strived to provide financial inclusion to the unbanked and the underbanked, and with the new crypto debit card, the peer-to-peer Bitcoin marketplace hopes to further this mission, as 25% of US households are reportedly unbanked and underbanked.

The card will first be released in the United States, but the Bitcoin peer-to-peer marketplace will work on launching it in other regions of the world, as global unbanked/underbanked numbers "have reached a staggering 1.7 billion."

In order to provide interoperability between traditional banking systems and the cryptocurrency sector, Paxful partnered with Ternio’s BlockCard fintech platform to make the creation of the crypto debit card possible. 

In addressing his goal with the virtual card, CEO and co-founder of Paxful, Ray Youssef, said:

“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.”

He expressed that financial inclusion has always been Paxful’s goal, saying:

"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.”

Amid the disruption caused by the coronavirus pandemic, Paxful CEO Youssef previously disclosed to that one of the fastest-growing markets for Paxful lay in Africa, with approximately 45% of its platform users being of African descent. In a continued effort to provide access to the financial system to everyone, Paxful has taken it upon itself to educate youths on Bitcoin and cryptocurrencies with an initiative called #BuiltWithBitcoin.

Image source: Shutterstock

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