Paxful, a peer-to-peer bitcoin marketplace, informed that it has teamed up with the blockchain and cryptocurrency products developer The White Company.
The partnership aims to deliver the benefits of global payments to emerging markets, allowing Paxful customers to exchange their bitcoin into Visa or MasterCard prepaid cards in 10 fiat currencies (USD, GBP, EUR, INR, AUD, CAD, JPY, HKD, CNY, BRL). The two entities hope to provide an alternative to those with limited banking options.
Paxful has recently partnered with BitMart, as well, to create a joint venture.
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,” said Elizabeth White, CEO, and Founder of The White Company. “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.
The White Company provides one of the fastest and most efficient ways for customers to trade bitcoins and receive prepaid debit cards in their native currency. By providing an email address, customers can receive their virtual card in seconds, which can be used for online purchases immediately. When they register their card, they can request a physical card to be shipped to them.
One of the biggest challenges in emerging markets such as Africa, Southeast Asia or South America, is that many people don’t have access to traditional banking systems. If they do, it’s difficult, expensive and slow for them to transact. By allowing the unbanked to have prepaid debit cards that can be used instantly, it makes it easy for anyone without a bank account to be included in the financial system.
Paxful already started an education initiative in Africa this year. It kicked off in South Africa and Kenya in May, with Nigeria and Ghana to follow later on in the year.
It has always been our mission to provide financial freedom worldwide and we see this as the next big step in the financial revolution”, said Ray Youssef, CEO, and Co-founder of Paxful. “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.