Partnerships have continued to be a fundamental indicator of growth and stability for projects within the blockchain and cryptocurrency space. One recent collaboration by Paxful, a digital coin exchange, with The White Company (TWC) is expected to tap more unbanked individuals into crypto.
TWC which is a New York based Fin Tech firm specializes in developing blockchain-oriented products for both supply and demand stake holders interested in leveraging the new technology.
This move is a significant milestone for the crypto space as clients will have the option to convert their BTC to 10 different fiat currencies. So far, the most pegged currency (USD) is featured amongst others like the Australian dollar and Swiss Franc.
Elizabeth White, founder and CEO of The White Company, noted that the partnership is set to facilitate the inclusion of millions into the digital asset ecosystem through Paxful’s P2P market. She went on to add that;
“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.”
Bitcoin; The Game Changer in Banking!
The on-boarding process for this platform is quite simple, clients will only be required to provide an email address and in turn receive a card with virtual prepayments.
Users will then have to make a conversion from digital currency (BTC) to fiat so as to easily use their designed cards for online purchases and service payments.
In addition, the clients can also ask for a physical card delivered to them. These will be efficient in ATM withdrawals and physical purchases from retailers. This technology appears quite lucrative to big city folks but the main targets by Paxful and TWC are developing economies whose population is mostly unbanked.
Both entities noted through a statement that their collaboration will mostly have a positive impact in African and Latin American markets where a bigger part of the population is unbanked.
Ray Youssef, the Co-founder and CEO Paxful, echoed that the firm’s mission of liberating financial services around the globe just acquired new ground with this partnership;
“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.”