BlockFi to launch first Bitcoin rewards credit card with Visa

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BlockFi partners with Visa to launch the first Bitcoin Rewards Credit Card in the first quarter of 2021. Users of the credit card will receive Bitcoin as a reward rather than the usual airline miles or cashback rewards whenever they make purchases.

Cryptocurrency startup company Blockfi announced in a blog post on their website last December 1 that the waiting list for the BlockFi Bitcoin Rewards Credit Card is now open. Users with funded BlockFi accounts on the BlockFi app can join the waiting list for the first Bitcoin Rewards Credit Card made possible through its partnership with major credit card company Visa.

Users of the rewards credit card will receive a 1.5% cash back in the form of Bitcoin for every transaction. The reward will automatically be converted into Bitcoin and transferred directly to the client’s BlockFi account on a monthly basis.

The New York-based company also offers a signup bonus of $250 in Bitcoin for clients who spend $3,000 worth of purchases using the credit card within the first three months after its issuance. Additionally, the card will have an annual fee of $200.

‘We hope this card will be a valuable personal financial tool for our clients to earn Bitcoin while making everyday purchases,’ states BlockFi in their blogpost. ‘We hope it helps expose more people to Bitcoin and ultimately creates more Bitcoin owners.’

The waiting list will be made public in January 2021 and the card is set for release by the spring of 2021 exclusively for US residents in qualified states. Nonetheless, BlockFi encourages clients from outside the US to join the waiting list to keep them updated once a card product becomes available in their area.

BlockFi clients with funded accounts can now join the waiting list by submitting their application subject for approval through their website. Interested non-members can sign up for a BlockFi Interest Account through their website as well and send their waitlist application after filling up the User Profile page in the Account Settings and making their first deposit.

The crypto startup company partnered with numerous banks including credit card giant Visa, Evolve Bank and Deserve to launch their new services to the public. BlockFi’s Bitcoin Rewards Credit Card would be the first credit card in the cryptocurrency market.

BlockFi is a startup company based in New York that specializes in providing bank-like services such as lending funds and offering interest accounts using crypto. Moreover, their clients can also trade cryptocurrencies and earn immediate interest after completing trades using their platforms.

This latest partnership expands Visa’s involvement in the crypto space. The major credit card company with over 60 million partner merchants announced July 2019 the beginning of their Fintech Fast Track Program which aims to accelerate integration within other networks including those in the cryptocurrency space.

Visa has partnered with multiple cryptocurrency companies including the largest US-based exchange site Coinbase and blockchain services company Circle to name a few. One of the company’s latest major projects announced last February 2020 is the Coinbase Card which will allow users to spend Bitcoin using the Visa debit card.

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