Peer-to-peer (P2P) bitcoin marketplace Paxful has partnered with crypto services provider
The White Company to give Paxful
customers the ability to cash out bitcoins into prepaid cards in multiple
currencies, the companies said on Thursday.
The new partnership allows Paxful users to exchange their
bitcoins into Visa or MasterCard digital prepaid cards in 10 fiat currencies
including USD, GBP, EUR, INR, AUD, CAD, JPY, HKD, CNY, and BRL.
On the Paxful P2P bitcoin marketplace, users simply need to
select the currency they would like to exchange their bitcoins to and The White
Company will purchase these and
credit the relevant amount into a prepaid debit card.
Paxful and The White Company said the new offering will
provide a new alternative to those with limited banking options, enabling
financially underserved populations, especially in Africa, Southeast Asia and
South America, to spend their funds instantly online and in-store on two of the
world’s most popular payment networks.
“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.”
Ray Youssef, CEO, and co-founder of Paxful, said from day
one it has been his company’s mission to provide financial freedom and
accessibility worldwide. “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,” Youssef said.
“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.”
Founded in 2017, The White Company offers crypto solutions including
stablecoins, a fiat on/off ramp, a cryptocurrency exchange, wallet, and
merchant processing product.
The company’s crypto-to-prepaid debit card offering provides
customers with a virtual card in seconds, which can be used for online
purchases immediately. Users simply need an email address. When they register
their card, they can request a physical card to be shipped to them.
The White Company claims it has exchanged over US$300
million of cryptocurrency into real-world goods and serves more than 100,000
clients across the globe.