Peer-to-peer cryptocurrency marketplace Paxful is helping to make the use of crypto more accessible as a true currency. It has announced a partnership with The White Company that will allow consumers to purchase prepaid debit cards using their crypto holdings in a variety of currencies, including the U.S. dollar, the British pound, the Euro, the Japanese yen, the Canadian dollar and five others.
The White Company, which has been around since 2017, is behind a number of blockchain and crypto products for consumers and businesses and includes support for Bitcoin SV (BSV). It allows customers to trade bitcoins for prepaid debit cards, either virtual or physical, which can be used at Amazon, Steam, Uber, iTunes and more.
According to The White Company founder and CEO Elizabeth White, “Our partnership with Paxful will enable millions to access the digital economy through the simple and efficient technology that powers Paxful’s peer-to-peer marketplace. Together we can bring all the benefits of banking without the high costs to developing countries and the unbanked, as well as promote the usability of cryptocurrency worldwide.”
Paxful’s co-founder and CEO, Ray Youssef, adds, “It has always been our mission to provide financial freedom worldwide and we see this as the next big step in the financial revolution. Many of our customers are unable to become banked. By allowing them to change bitcoin into prepaid debit cards we are giving them the chance to participate in both the current financial system and the digital economy. This is a real-life example of the true use cases of bitcoin, allowing the unbanked to become banked through prepaid cards by the help of peer-to-peer finance.”
Both executives realize that access to traditional banking resources is difficult in many regions around the world, including parts of South America, Africa and Southeast Asia. They have been working to introduce crypto solutions that will make residents of those regions have better financial independence, and prepaid debit cards are going to be a huge part of that independence.
Paxful also recently entered into another partnership, this one with AirTM. The blockchain peer-to-peer exchange and digital wallet provider will work with Paxful in order to give users of the latter the ability to fund their accounts, or make withdrawals, using AirTM as a payment method.
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