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.
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.