Visa and BlockFir Plans to Launch Bitcoin Rewards Credit Card
December 2, 2020 2:06 pm
Visa and BlockFi have partnered to launch a new credit card that will reward users with Bitcoin (BTC). The initiative aims to boost the mainstream adoption of cryptocurrency. BlockFi, a New-York based startup specializing in crypto-backed loans and savings accounts, announced the partnership on Tuesday.
Bloomberg also reported that the new credit card will reward purchases with Bitcoin rather than airline miles or other cashback rewards. Cardholders will receive 1.5% of their purchases back in BTC.
The card, that carries a $200 annual fee is going to be issued by Evolve Bank & Trust. Although the credit card will be available to the general public in early 2021, BlockFi account holders will be able to sign up beforehand.
Zac Prince, founder, and CEO of the startup said:
“BlockFi is excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers”
The BlockFi partnership is part of Visa’s Fintech Fast Track Program, which “aims to speed up the process of integrating” with the credit card network. Terry Angelos, senior vice president and global head of fintech at Visa, said the goal of the fast track program will help innovative companies “scale with efficiency.”