Visa recently announced its plans to back a consumer-available cryptocurrency card that rewards users with Visa cryptocurrency. The BlockFi Card was custom-made for the cryptocurrency world and is a product of the BlockFi company, a company that specialized in issuing cryptocurrency related banking products.
BlockFi today announced that it is starting to ship its Visa-backed debit card to pre-approved customers. The BlockFi Visa card works with any bank account and has a minimum $25 deposit requirement. The card allows users to buy, sell, and spend cryptocurrency anywhere that Visa cards are accepted. The card looks like a regular debit card, but customers can choose to store their cryptocurrency in a secure wallet hosted by BlockFi.
New York-based cryptocurrency and savings startup BlockFi today launched its bitcoin (BTC) rewards credit card. The card is available to certain approved clients on the waiting list in the United States.
Officially called the BlockFi Rewards Visa Signature Credit Card, the card was announced late last year by Visa and BlockFi. The card can be used anywhere Visa is accepted and allows recipients to earn 1.5% in bitcoin instead of airline miles or other cash rewards. Rewards earned in bitcoins are transferred to the percentage account of BlockFi cardholders.
According to initial reports, the annual fee for the card will be $200. However, in May BlockFi reversed this decision and launched the card without an annual fee. Cardholders can earn 2 percent in bitcoin on annual spending over $50,000. For example, if a customer spends $60,000 in a year, he will receive 2% of his $10,000 in BTC.
The BlockFi credit card also offers the usual privileges associated with cryptocurrencies, such as merchant bonuses and a referral program. The card is issued by Evolve Bank & Trust.
Terry Angelos, SVP and global head of fintech at Visa, noted that reward programs for cryptocurrencies are an attractive way to attract users to the crypto-economy, and Visa is eager to see more examples of such programs.
Related: Institutional Exchange launches debit card for cryptocurrencies
Almost everyone is aware of the role cryptocurrencies play in reshaping the financial space, adds Flory Marquez, co-founder of BlockFi: This card makes it easier than ever to get bitcoins back for everyday purchases.
Visa is a well-known crypto currency researcher for expanding the acceptance of digital currencies in general. As Cointelegraph analyzed in detail, Visa’s public confirmation of its positive attitude towards crypto-currency payment services reflects the company’s desire to remain a key player in the global payment network.
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