Peer-to-peer bitcoin marketplace Paxful has partnered with blockchain technology developer The White Company to offer more liquidity in the crypto currency market.
The partnership will enable Paxful customers to purchase Visa or MasterCard prepaid debit cards using their bitcoin. They can buy the debit cards in ten different fiat currencies including US dollar, British pound and the Euro among others.
The move is expected to provide an additional payment alternative to customers with limited banking options.
The White Company CEO and founder Elizabeth White said: “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.”
Both the companies acknowledged the limited availability of conventional banking services across many regions in Africa, Southeast Asia or South America. Providing the unbanked with a prepaid debit card will improve financial inclusion in these regions.
Paxful CEO and co-founder Ray Youssef said: “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.”
The White Company offers a swift process to trade Bitcoins for a prepaid debit cards in the native currency. The interested customers can procure their virtual card in seconds by providing their email address.
This virtual card can be used for making online purchases. After they register their card, customers can place a request for the physical card.