[ad_1]
Visa and BlockFi are partnering to launch a new credit card that rewards users with Bitcoin (BTC), setting the stage for wider mainstream adoption of the digital currency.
BlockFi, a New York-based startup specializing in cryptocurrency-backed loans and savings accounts, announced the partnership on Tuesday. As reported by Bloomberg, the new credit card will reward purchases with Bitcoin rather than airline miles or other refund rewards. Cardholders will be entitled to receive 1.5% of their purchases in BTC
The card, which has an annual fee of $ 200, will be issued by Evolve Bank & Trust.
Although the credit card will be available to the public in early 2021, BlockFi account holders will be able to register early.
BlockFi is “excited to add credit cards to our product suite and expand Bitcoin’s accessibility to a wider range of consumers,” said Zac Prince, the startup’s founder and CEO.
The BlockFi partnership is part of Visa’s Fintech Fast Track program, which “aims to accelerate the integration process” with the credit card network. Terry Angelos, Visa’s senior vice president and global head of fintech, said the accelerated program’s goal is to help innovative companies “scale efficiently.”
This isn’t Visa’s first foray into cryptocurrency. Earlier this year, the credit card company partnered with digital startup Fold to offer a debit card that earns crypto-based rewards.
More broadly, Visa has outlined a positive vision for digital currency adoption, reversing a previous and more hostile attitude. As Cointelegraph reported, Visa’s evolving stance towards cryptocurrencies is to ensure it maintains its pace of leadership in the payments market. Currently, there are more than 25 cryptocurrency wallets linked to Visa’s systems.
The credit card company is also helping to shape digital asset regulations around the world, including working with the World Economic Forum to develop recommendations on the use of central bank digital currencies.
