Peer-to-peer bitcoin marketplace Paxful has rolled out crypto debit card in the US in partnership with fintech platform Ternio.
This new card, which will be available to US residents, will enable the users to convert their cryptocurrency into USD to shop, open bank accounts, and withdraw cash from ATMs.
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The users can deposit 13 different cryptocurrencies, which will be converted to USD for immediate usage across 61 million global merchants who accepts Visa cards, noted the company.
A minimum balance of $10 is required to keep the card active.
Paxful CEO and co-founder 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. 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.”
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By GlobalDataPaxful card is powered by the Ternio’s cryptocurrency fintech platform BlockCard. The company has plans for the global rollout of the card.
Ternio CEO and co-founder Daniel Gouldman said: “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.”
Last year, Paxful partnered with blockchain technology developer The White Company to offer more liquidity in the crypto currency market.
