According to the latest report, the P2P bitcoin marketplace Paxful and The White Company(TWC), a crypto service provider have partnered up to enable their customers to exchange their digital currency into MasterCard or Visa digital prepaid cards into ten fiat currencies including EUR,USD,JPY,INR,AUD,HKD,CAD,BRL and CNY.
The users of peer-to-peer bitcoin marketplace Paxful’s will have to select the currency they would like to exchange their Bitcoin with, and then TWC will purchase these currencies and would credit the appropriate amount into a prepaid debit card.
Furthermore, the users will be provided with the option to request for a physical card to be sent to them, so that when making in-store purchases or while withdrawing cash from ATM, that card can be used.
Moreover, Paxful and TWC; both the companies claimed that this new development is likely to enable those who have limited options for banking, and financially underprivileged populations especially in Southeast Asia, Latin America and Africa to instantly spend their funds in-store and online on globally popular payment networks.
The co-founder and CEO of Paxful Ray Youssef stated that this development is the real-life example of using bitcoin in the true sense by enabling the unbanked to be banked via prepaid cards with the help of P2P finance.