Peer-to-peer digital asset marketplace Paxful is launching a crypto debit card.
The Visa card enables users to convert cryptocurrencies to U.S. dollars at time of purchase and comes via partnership with cryptocurrency fintech platform BlockCard.
Users will be able to make payments and withdraw funds at over 45 million merchants and ATM locations worldwide, according to a press statement. At launch, the card is available to U.S. users only, but will expand to other regions going forward, Paxful said Monday.
The partnership is touted as plugging a hole in traditional banking which has left as many as 1.7 billion unbanked, according to the latest figures by the World Bank. Meanwhile, in the U.S. 25% of households are either unbanked or underbanked, according to a 2017 survey by the Federal Deposit Insurance Corporation.
“Access to reliable and affordable financial products is indispensable,” Paxful CEO and co-founder Ray Youssef said. “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.”
The debit card will be issued virtually while users await a physical card to be mailed to them via Blockcard’s service. A minimum balance of $10 will be required.