- There is an annual fee of £149.7 for the card, which is issued by Evolve Bank & Trust.
It is reported that companies intend to make the card available to the general public in early 2021.
This project is reportedly part of Visa’s Fintech Fast Track program.
Visas Inc, a leading financial services company, has partnered with BlockFi, a New York-based crypto-startup, to launch a credit card that rewards users with Bitcoin (BTC) instead of cash or airline cash. A report unveiled this news on December 1, and found that users of the new card will receive 1.5% of all purchases back in BTC. In addition, the card will offer £187 to users who spend more than £2,246 within the first three months of receiving the card.
According to the report, the Bitcoin Rewards credit card has an annual fee of £149.7, with Evolve Bank & Trust reportedly being responsible for issuing the card.
Zac Prince, founder and CEO of BlockFi, commented on the upcoming launch of the card in the words of Zac Prince,
“We are pleased to add credit cards to our product range and to make Bitcoin’s accessibility accessible to a wider consumer group.
The companies hope to make the card available to the general public in early 2021. BlockFi account holders, however, will be able to register before the official launch. BlockFi’s collaboration with Visa is reportedly part of the financial services giant’s Fintech Fast Track program. This initiative is designed to accelerate the process of integration with Visa and allow flexible startups to take advantage of the reach, capabilities and security of VisaNet, the company’s global payment network. In this way, Visa aims to help FinTech start-ups scale quickly.
Visa’s evolving stance on crypto
This news comes at a time when Visa continues to support the general introduction of BTC. However, the company was not always in favor of cryptography. In 2018, Visa got into a public dispute with the Coinbase exchange over issues relating to the exchange’s users making crypto-purchases with their cards. Nevertheless, both companies resolved the issues and entered into an agreement under which they introduced the Coinbase card, which allows users to issue crypto via the Visa-supported debit card.
Since then, the company has shown great interest in the crypto sector. Earlier this year, the company teamed up with Fold, a crypto startup, to offer a debit card that can be used to earn crypto-based rewards. At the time, Fold’s CEO, Will Reeves, said the card would change the game by allowing its users to collect BTC in a simple and intelligent way, as opposed to creating a virtual wallet on a crypto asset. Through this project, Visa helped promote the acceptance of BTC by enabling the card to be used at a variety of prestigious retailers, including Amazon and Starbucks.