Peer-to-peer cryptocurrency marketplace Paxful has launched a Visa debit card for U.S. users.
The card, the product of a collaboration with fintech startup Ternio, will let users convert cryptocurrencies to dollars to make purchases, open a checking account, and withdraw funds from “any ATM worldwide,” according to an announcement post.
The card, which Paxful and Ternio are pitching as a way for “unbanked” or “underbanked” people to gain access to traditional financial services, can be used at over 45 million merchants and ATMs, the companies said. It will have a minimum balance of $10.
“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 CEO Ray Youssef said in an announcement. Ternio CEO Daniel Gouldman added that his company is “committed to providing interoperability between cryptocurrencies and the traditional banking system.”
Paxful’s new card arrives just a week after Coinbase announced that it would be launching its own Visa debit card for U.S. users sometime next year. BlockFi is also expected to release a U.S. debit card sometime next year.