BlockFi, the New York based wealth management company, announced details yesterday of their eagerly awaited Bitcoin Rewards Visa Credit Card. The first card to offer cashback solely in Bitcoin.
However, interested customers will have to wait until early 2021 to apply for the card unless of course you are already a BlockFi account holder for which applications opened from yesterday, December 1st.
1.5% Bitcoin rewards and $250 bonus for purchases over $3,000
The Bitcoin Rewards Visa Credit Card works in exactly the same way as a traditional awards card only here customers are rewarded in bitcoin with 1.5% of fiat purchases recognised. BlockFi are also offering a further $250 bonus for any customer who spends over $3,000 in their first three months.
Visa FinTech Fast Track Program
The development of the card is thanks to the Visa FinTech Fast Track program which encourages and aids the further development of growing FinTech companies by offering their resources, technology and expertise. Terry Angelos, SVP and Global Head of Fintech at Visa said “Our aim is to give rapidly growing companies the resources they need to scale with efficiency.”
Bridge the crypto divide
BlockFi is one of a number of ambitious financial services companies aiming to bridge the divide between traditional wealth management and cryptocurrency. Through the power of blockchain and distributed ledger protocols such companies are aiming to bring about the dawn of a digital financial era for both individual and institutional clients.
Founded in 2017 by Zac Prince and Flori Marquez BlockFi currently has over $2bn worth of assets under management and continues to expand with offices in New York, London, Singapore and more recently Argentina and Poland.
“We’re excited to add credit cards to our suite of products and expand bitcoin’s accessibility to a broader set of consumers,” said Mr Prince. “This card makes it simple and risk-free for people to gain or increase exposure to a new asset class without changing their spending or investing habits. And by working with Visa, Deserve and Evolve, we have the infrastructure to put this card in millions of consumers’ wallets.”