Paxful, a peer-to-peer bitcoin marketplace, announced today an ongoing partnership with The White Company, which develops blockchain and cryptocurrency products for both consumers and businesses.
As the crypto market continues to rise, interest in using this innovative form of payment will doubtless continue to increase as several new players enter the market. This new product and partnership also provides opportunities for banking the unbanked which is a market that counts well over a billion individuals.
Paxful and The White Company have partnered 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.
“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.
Both companies acknowledge that 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.
“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.”
By bringing Paxful’s peer-to-peer financial technology together with The White Company’s payments systems, Paxful will be the first marketplace to offer its customers the ability to cash out into prepaid cards in multiple currencies.