Paxful Partners With Ternio To Launch Crypto Debit Card
Peer-to-peer Bitcoin marketplace, Paxful has partnered with crypto fintech platform, Ternio to offer users crypto debit card, BlockCard.
BlockCard will be rolled out in the US initially, and then a global expansion is expected from both Ternio and Paxful.
Anyone who signs up will be given a virtual and physical card. The debit card will give its users the same functions of a regular card, such as making purchases at over 45 million merchants, getting a checking account, and withdrawing funds from ATMs.
As well as the traditional features, BlockCard allows users to convert their favourite cryptocurrencies to USD. The debit card supports over 12 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and BAT.
BlockCard allows users to earn crypto-back rewards too. To earn crypto-back rewards users have to stake Ternio’s crypto asset (TERN), and the more a user stakes, the more reward they will earn.
Word of warning, however: TERN was launched back in 2018, and as with most alt coins the price has collapsed. So, any rewards you earn by using the debit card, might be better traded into Bitcoin or one of the stablecoins the BlockCard uses.
Financial Inclusion For The Unbanked And Underbanked
Paxful’s mission has been the inclusion of those without regular banking to gain financial inclusion.
And the Bitcoin peer-to-peer marketplace is looking to fill a gap in the traditional financial system that has left many without access to essential banking products.
And while this is inherent in developing countries, it’s also surprisingly prominent in the US with a staggering 25% of US households either unbanked or underbanked.
Paxful CEO, Ray Youssef pointed out the necessity of financial inclusion and the possibilities Paxful’s new debit card could offer.
‘Access to reliable and affordable financial products is indispensable,’ said Youssef. ‘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.’
‘Paxful has always been dedicated to providing that option, be it to users who are in the platform as a matter of preference, or necessity.’
Ternio CEO, Daniel Gouldman was equally bullish on the partnership as he looked forward to gaining Paxful’s marketshare and marketplace expertise.
‘Paxful is a best in class peer to peer Bitcoin marketplace, so we’re pumped up about being able to provide their customers access to the BlockCard platform,’ said Gouldman. ‘It’s going to be fun to pair together all of the strengths of Paxful with Blockcard’s global debit card and bank account capabilities.’
It’s an Interesting Move By Paxful, But The Jury Is Still Out On These Debit Card / Altcoins
Paxful’s aim is to include the world in the financial system. And with over 333 ways to buy Bitcoin, Paxful’s peer-to-peer marketplace is one of the leading platforms to buy Bitcoin.
Whether the BlockCard partnership is a success only time will tell. These debit card companies who launch their own token are suspect, but no doubt the team at Paxful wouldn’t purposefully tarnish their image.
It’s worrying when 25% of American households are underbanked, but even more worrying is the 1.7 billion people worldwide that are ostracized from the financial industry.
Paxful and other Bitcoin marketplaces offer a way into the Bitcoin and stablecoin eco-systems. And with the launch of this debit card, it might just make it a lot easier for everyone.
Author: Tommy Limpitlaw
Bitcoin FAQs
What is the point of Bitcoin?
Bitcoin is a decentralized money. A money that nobody can control or manipulate, and a money that nobody can print and devalue. It’s also not necessary for any third party to verify transactions, so it makes it much faster and cheaper to send value. It’s also money built on the Internet: a society of almost 5 billion people.
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As of October 2020, Bitcoin is legal in most countries. The US, UK, Canada, Japan, and all other developed nations it is very much legal. However, the legal status of Bitcoin varies in other jurisdictions.
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Can you buy less than 1 Bitcoin?
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.
