Visa and BlockFi have teamed up to launch a new credit card that will reward users with Bitcoin (BTC). Creating the conditions for a broader introduction of the digital currency.
BlockFi, The New York-based startup that specializes in cryptocurrency-backed loans and savings accounts announced the association on Tuesday. As Bloomberg reported, the new credit card rewards purchases with Bitcoin instead of airline miles or other cashback rewards. Holders of such cards are entitled to 1.5% of their purchases at BTC.
The card, which has an annual fee of USD 200, is issued by Evolve Bank Trust.
Although the credit card will be available to the public in early 2021, BlockFi account holders can register in advance.
BlockFi is “We are excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a wider range of consumers.” said Zac Prince, founder and CEO of the startup.
The BlockFi mapping is part Visa’s Fintech Fast Track program, the “aims to speed up the integration process” with the credit card network. Terry Angelos, Visa senior vice president and global director, financial technology, said so The goal of the Fast Track program is to help innovative companies “scale efficiently”.
This is not Visa’s first foray into the cryptocurrency world. At the beginning of this year The credit card company has teamed up with the digital startup Fold to offer a debit card that rewards cryptocurrency.
In more general termsVisa has outlined a positive vision for the adoption of digital currencies. Reversal of a previous more hostile attitude. As Cointelegraph reported, Visa’s evolving stance on cryptocurrencies is to ensure that they maintain their leadership position in the payments market. There are currently more than 25 cryptocurrency wallets connected to Visa systems.
The credit card company is also helping shape regulations for digital assets around the world. including working with the World Economic Forum to develop recommendations on the use of central bank digital currencies.