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Paxful, a peer-to-peer (P2P) bitcoin marketplace, recently announced a partnership with The White Company, which is a provider of crypto services. Together, these two firms are launching a prepaid card service that essentially allows traders to exchange bitcoin into prepaid cards in multiple currencies. This then makes it easier to purchase goods in a traditional manner using the money converted from the cryptocurrency.
The fiat currencies that bitcoin can be converted into using the prepaid card through this new partnership include USD, CAD, HKD, and seven others, CoinJournal reports. The prepaid card itself will be in Visa or MasterCard format, so there is no need to worry about payment incompatibilities. The process for conversion appears quite simple, as well.
Customers simply choose which currency they would like to convert their bitcoins into on the Paxful marketplace and The White Company will essentially purchase these digital coins. From there, the conversion process takes place and the fiat comes out on the other side ready for use as a prepaid debit.
In a statement, CEO and founder of TWC, Elizabeth White noted how this partnership is beneficial for all parties involved. She also put a particular emphasis on how users will have a much easier time paying for goods with the bitcoins that they have now accumulated.
“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,” White said. “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.”
With real-world payment remaining as a constant concern among bitcoin traders and those interested in buying cryptocurrency, Paxful and The White Company are paving the way for wider adoption. The two firms also highlight how traders in regions like Latin America and Africa will benefit most from this new development.
