Paxful has partnered with BlockCard to launch a crypto debit card for the U.S. residents.
The firm announced in a press release the partnership and the product launch. They mentioned that the new product would help U.S. residents to convert their cryptocurrencies to U.S. dollars easily. The new crypto debit card can also make purchasing and ATM withdrawal easier.
The partnership wants to fill a gap in the traditional financial system that has left many unbanked and underbanked. About 25% of U.S. residents are either underbanked or underbanked.
Likewise, 1.7B people globally are also either underbanked or unbanked. To solve the problem, Paxful crypto debit card aims to launch globally after its U.S. unveiling.
Paxful joins Crypto trend.
With the launch of Paxful crypto debit card, the exchange firm joins other crypto firms like Binance and Crypto.com now offer crypto debit card service to their clients.
Binance also announced the launch of its debit card last September.
On the other hand, Crypto.com marks the largest crypto debit card provider worldwide after its visa-enabled debit card has gone to expand to Europe to improve crypto adoption in the region.
But the firm was stopped from launching its MCO card program in Europe because of WireCard’s issue with the FCA. Crypto.com had to launch its debit card in Europe through Payrnet Limited, a Lithuania-based firm, and a subsidiary of Rails Bank.
BlockCard’s role in crypto debit card launch
The debit card firm will be in charge of issuing cards to U.S. residents. The cryptocurrency card will be issued virtually, and users will get the physical cards mailed to them afterwards.
BlockCard will also provide technical customer support and another essential service with its mobile app.
The CEO of BlockCard, Daniel Gouldman, voiced excitement. He stated that Paxful is one of the best peer-to-peer Bitcoin marketplaces; therefore, they are ready to deliver their customers access to BlockCard platform.
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