Popular payment system Visa has partnered with the cryptocurrency startup BlockFi to roll out a credit card with Bitcoin rewards, Bloomberg has reported.
The users of the new Bitcoin Rewards credit cards will receive 1.5% of their purchases in cryptocurrencies as well as an additional $250 in Bitcoin if they spend more than $3,000 during the first three months of card use.
The rewards will be automatically transferred to the users' account at BlockFi, allowing them to use the rewards for several operations such as loans, transactions, collaterals or withdrawals to a third party wallet.
The card will have a maintenance cost of $200 per year. It will be issued by Evolve Bank & Trust in 2021, however, users can already apply for it. BlockFi CEO Zac Prince said:
"We are excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of consumers."
US crypto exchange Coinbase plans to launch a similar card next year in the Visa system, however, in this case the card will be a debit card.
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