- Paxful launches crypto debit card in the US
- Paxful debit card filling traditional finance gap for the unbanked and underbanked
- Crypto debit card trend continues with Paxful entrance
Popular peer-to-peer Bitcoin marketplace, Paxful, has partnered BlockCard, a debit card firm, to launch a crypto debit card for U.S. residents.
The exchange firm in a press release announced the partnership and the product launch. They stated that the new product would help U.S. residents easily convert their cryptocurrencies to U.S. dollars. The new cryptocurrency debit card would also make purchasing, ATM withdrawal, easier.
The partnership aims to fill a gap in the traditional financial system that has left many unbanked and underbanked. Reportedly, about 25 percent of U.S. residents are either underbanked or unbanked.
Similarly, 1.7 billion people globally are also either underbanked or unbanked. Towards solving this problem, Paxful crypto debit card aims to launch globally after its U.S. debut.
Paxful joins Cryptocurrency debit card trend
With the launch of a Paxful crypto debit card, the exchange firm joins other crypto firms like Binance, Crypto.com that now offer crypto debit card service to their clients.
Binance, the world’s largest crypto exchange firm, announced the launch of its debit card in September.
Crypto.com, however, marks as the largest crypto debit card provider globally after its visa-enabled debit card was going to expand to Europe to improve crypto adoption in the region.
Unfortunately, the firm was stopped from launching its MCO card program in Europe owing to WireCard’s issue with the Financial Conduct Authority (FCA). Crypto.com had to launch its debit card in Europe through Payrnet Limited, a Lithuania-based firm, and subsidiary of Rails Bank.
BlockCard role in the crypto debit card launch
The debit card firm would be in charge of issuing cards to U.S. residents. The cryptocurrency card would be issued virtually, and users would get the physical cards mailed to them afterward.
BlockCard also would provide technical customer support and other necessary services via its mobile app.
Daniel Gouldman, CEO of BlockCard, expressed excitement. He said Paxful is one of the best peer-to-peer Bitcoin marketplace; hence, they are ready to provide their customers access to the BlockCard platform.