Visa And Blockfi Partner In A Bid To Unveil A Bitcoin Rewards Credit Card

 

American multinational financial giant, Visa(V), is reportedly partnering with BlockFi to unveil a credit card that would reward users with Bitcoin rather than mainstream rewards like airline miles or cash.

The announcement sets motion to increased global digital currency adoption.

The partnership was announced by BlockFi, an American start-up and non-bank lending firm that offers crypto-related loans, on Tuesday 2nd.

According to a news report by Bloomberg, the credit card will reportedly allow users to receive rewards in form of Bitcoin (bitcomp), a model that differs greatly from popular rewards issuance schemes. The report maintained that only up to 1.5% of a user’s purchase will be redeemed back to their BTC wallets.

Financial services provider, Evolve Bank and Trust (LYG), will be issuing the card whose annual fee has been set at $200.

While the new cards will be rolled out early 2021, BlockFi stressed that it’s account holders will be able to sign up immediately.

Zac Prince, the firm’s founder and CEO was enthused by the partnership and potential it represents to capture a wider client network, saying, BlockFi was “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”

Listing within Visa’s fast track program, and as emphasized by Terry Angelo’s, senior vice president and global head of fintech at Visa, the partnership with the renowned financial company is said to spearhead integration processes with the credit card network.

Angelo’s maintained that the goal of the fast track program is essential to innovative companies, adding that it helps them “scale with efficiency.”

BlockFi and Visa partnership for the Bitcoin supported rewards credit card is not the first time that Visa has attempted cryptocurrency investing having partnered with Fold, a digital startup company early 2020, for a debit card supporting crypto rewards.

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Disclaimer: This is not a recommendation to buy or invest in any cryptocurrency or asset mentioned in this article. Traders should do their own research before investing.

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