Global peer-to-peer Bitcoin (BTC) marketplace, Paxful, and Ternio’s crypto fintech platform BlockCard, have announced a new debit card. 

Initially available in the United States, with an international roll out to follow, the new debit card will give users the ability to convert cryptocurrencies to USD, make purchases, get a checking account, and withdraw funds from any ATM worldwide. 

The companies say the new card will help fill a gap in the traditional financial system that has left many without access to essential banking products. According to a 2017 survey by the FDIC, 25% of US households are unbanked or underbanked, while globally that figure reaches a staggering 1.7 billion (according to the World Bank). 

BlockCard offers Paxful both a virtual card and physical card, requires a minimum balance of just $10, and can be used at over 45 million merchants and ATMs worldwide. 

Discussing the new card CEO and co-founder of Paxful, Ray Youssef, said:

“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.”

While CEO and co-founder of Ternio, Daniel Gouldman, added:

“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.”

In addition to issuing the Paxful Card, BlockCard will also provide dedicated technical customer service and all-in-one services on its mobile app. 

AYO.NEWS says:

As we all know, traditional banks can be a b**ch, and their aversion to providing decent services can often lead the poorest, most vulnerable members of society, to fall into viscous debt spirals, so anything that helps bridge the financial gaps is great news. 

Staying with sticking one to the traditional financial system and helping the underbanked and unbanked, last month the Decentralized Lending Network (DLN) announced the launch of a novel concept to executing a no-fee, zero percent interest micro-loans network. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020.