Victor Ugochukwu · Dec 14, 2020 . 5min read
BlockFi to launch Bitcoin Rewards Visa Card
BlockFi to launch Bitcoin Rewards Visa credit card allowing users to earn 1.5% on all purchases in Bitcoin, for only U.S. residents.
By Komal Joshi · Dec 3, 2020 . 5min read
Crypto lending firm BlockFi declared that it would launch a Bitcoin rewards credit card in January 2021. According to an announcement, Visa collaborates with BlockFi to establish a credit card that provides bitcoin rewards instead of travel points or cash back. The credit card will enable users to earn back 1.5% on all card purchases in Bitcoin.
BlockFi joins the Visa Fintech Fast Track program.
BlockFi joins the Visa Fintech Fast Track program in order to support the launch and subsequent rollout. It speeds up the process of combining with Visa and allowing the company to understand the scope, capacities, and safety that Visa grants. Visa is serving as the card issuing network. Evolve Bank & Trust presents the Bank Identification Number (BIN) that enables BlockFi to connect to the payments network. Moreover, Deserve is handling the payments flow technology.
BlockFi’s Bitcoin rewards Visa card to charge a $200 annual fee.
The firm states that the card would further develop more Bitcoin users and eliminate the bridge between conventional finance and the crypto industry. The card will charge a yearly fee of $200. Moreover, it is accessible to U.S. consumers initially. Clients will also be capable of receiving a bonus of $250 in bitcoin. That is after contributing $3,000 or more in the first three months.
Moreover, the credit card will serve cryptocurrency holders scanning for new ways to combine their assets. It will also offer services to people interested in funding bitcoin but have not yet started a cryptocurrency trading or interest-earning account. Furthermore, the BlockFi card provides an effortless entry point, allowing customers to accumulate bitcoin via everyday spending.
BlockFi account holders will be capable of registering, applying, and receiving credit cards before the general public. This registration period is supposed to run by 2020. Individuals who start a new BlockFi account through early registration will be capable of joining the priority waitlist. The public waitlist will open in early January.
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