PayPal steered the world’s attention to itself with its support for crypto. Visa seems to be jumping on the bandwagon with its latest announcement. Several mainstream companies have been veering into the crypto-verse following the price movement of crypto assets. As the value of these crypto-assets has been on the upside, the entire globe seems to be taking an interest in these assets.
Visa Teams Up With BlockFi For Its Latest Initiative
As per a recent report by Bloomberg, a New York-based crypto company, BlockFi was joining hands with payments giant, Visa to roll out a credit card that rewards Bitcoin to its users. The latest move comes in light of the mainstream adoption of crypto.
Bitcoin was lauded by many for its price movement over the past few days. As the king coin continued to woo several into the industry, Visa was definitely taken aboard by the coin. The users of this latest credit card would be presented with rewards in Bitcoin, instead of cash or airline miles. The users of the yet to be launched credit card would garner a 1.5% of back in Bitcoin as well as a lump sum of $250 in BTC. This is, however, valid only if the users spend over $3000 during the initial three months.
BlockFi in its announcement stated the intention of launching the Bitcoin Rewards Credit Card. The announcement further read,
“We hope this card will be a valuable personal financial tool for our clients to earn bitcoin while making everyday purchases. Additionally, we hope it helps expose more people to bitcoin and ultimately creates more bitcoin owners.”
The card will reportedly be issued by Evolve Bank & Trust with a $200 annual fee. While the credit card is limited to the citizens of the US, the platform intends to garner more users outside the US through its waiting list option. The waiting list will be made public by January and the platform would begin shipping cards by next year.
Zac Prince, chief executive officer and founder at BlockFi, spoke about the same and said,
“We’re excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers.”