Block Card – a fintech and cryptocurrency firm established by Ternio – is joining hands with peer to peer (P2P) bitcoin platform Paxful to give users access to a new kind of digital debit card. According to a statement, the card will be available to residents of the United States, who will have the opportunity to convert digital currencies into USD for the purpose of buying goods and services. They can also open bank accounts and withdraw money from ATMs around the world.
Paxful and Ternio Seek to Offer the Unbanked New Financial Products
The current traditional financial system has created an accessibility gap, with many unable to access the essential banking products that we can take for granted. Per a survey conducted by the FDIC in 2017, 25 percent of households in the United States are either unbanked or underbanked, and that number increases to 1.7 billion globally, according to the World Bank. Paxful’s goal is to empower anyone and everyone, worldwide, to take control of their money using peer to peer transactions.
While the card is only available in the U.S. for the time being, Ternio has hinted that at some point, it would like to make the product available to multiple nations. To get their fingers on a new card, users must follow Ternio’s know your customer (KYC) protocols and submit to the appropriate steps. Once this is done, a physical card is sent to the person via regular mail. All users must keep a minimum balance of ten dollars on their cards, which can be used at over 60 million participating retailers across the country.
In addition, customers can make deposits with more than a dozen separate cryptocurrencies. Ray Youssef – the CEO and co-founder of Paxful – explained in an interview:
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 dedicated itself to providing that option, be it to users who are in the platform as a matter of preference or necessity.
You Can Buy Bitcoin in Many Ways
Paxful currently boasts more than four million users across the globe. The company permits its users to sell and purchase bitcoin with over 300 separate payment types. The company was initially founded in 2015, while Ternio is a bit younger, and first established two years later in 2017. 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 Block Card platform. It’s going to be fun to pair together all the strengths of Paxful with Block Card’s global debit card and bank account capabilities. Ternio is committed to providing interoperability between cryptocurrencies and the traditional banking system.