Visa and BlockFi Team Up to Launch Bitcoin Rewards for Credit Card Users
As digital currencies are entering different regions of the world, financial giants are introducing crypto-based offerings for the customers. Recently, Visa and BlockFi have teamed up to offer new credit cardholders rewards in the form of cryptocurrencies. The users will get Bitcoin (BTC) instead of airway miles or discounts on transactions.
BlockFi is a New York-based startup that specialises in crypto-backed saving accounts and loans. The company announced this partnership on Tuesday. Reports from Bloomberg mentioned that the new credit card will replace airline miles and other cashback with Bitcoin on purchases.
The partnership has resulted in good news for many cardholders. Now, they will receive 1.5% of their purchases back in Bitcoins. Moreover, the card that carries a $200 annual fee will be issued by Evolve Bank & Trust.
— Cointelegraph (@Cointelegraph) December 2, 2020
This credit card will be available to the public in the first half of 2021. However, BlockFi holders will be eligible to sign up beforehand. Founder and CEO of the startup Zac Prince said that the company is excited to add credit cards in its offerings and expand the accessibility of Bitcoins at a broader scale.
This partnership is the part of Visa’s Fintech Fast Track Program that aims to speed up the integration process. Senior Vice President and global head of Fintech at Visa, Terry Angelos, said that the aim of this program is to assist companies scale with efficiency.
As of today, more than 25 cryptocurrency wallets are associated with Visa’s systems and the company is also assisting in designing regulations for digital assets across the globe. It is also working with the World Economic Forum to develop recommendations on the use of centralised digital currencies.
Read more about digital currencies: Digital Currency – Replacing Fiat Money in the Modern World