Peer-to-peer cryptocurrency marketplace Paxful has introduced a Visa debit card for its U.S. customers.
Key Features of the Paxful Debit Card
- Developed in collaboration with fintech startup Ternio.
- Converts cryptocurrencies into USD for purchases, checking accounts, and ATM withdrawals worldwide.
- Accepted at 45+ million merchants and ATMs.
- Targets the unbanked population with a minimum balance requirement of $10.
Executive Insights
Ray Youssef, CEO of Paxful, emphasized:
"Whether investing in education, starting a business, or managing daily finances, everyone deserves accessible financial options."
Daniel Gouldman, CEO of Ternio, added:
"We’re bridging the gap between crypto and traditional banking systems."
Expansion into Mexico
Paxful recently partnered with Spain’s Bnext Bank to launch its first crypto debit card in Mexico. Benefits include:
- POS payments at domestic/international retailers.
- Free ATM cash withdrawals.
- Direct access to Paxful’s P2P market for Bnext customers.
Industry Trends
- Coinbase announced a U.S. Visa debit card slated for 2025.
- BlockFi plans to debut a U.S. debit card next year.
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FAQ
1. How does the Paxful debit card work?
The card converts crypto holdings to USD in real-time for seamless spending and withdrawals.
2. What cryptocurrencies are supported?
Details are pending, but expect major coins like Bitcoin and Ethereum.
3. Are there fees for ATM withdrawals?
Domestic withdrawals may incur fees, but Mexican users enjoy free ATM access via Bnext.
4. Who can apply for the card?
Currently available to U.S. and Mexican residents with Paxful accounts.
5. How does this help the unbanked?
By bypassing traditional banks, users gain direct access to financial services with minimal balances.
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