Brex, an American financial services provider, whose clients include Airbnb, Classpass, and Y Combinator, now allows the exchange of its reward points for bitcoin (EXANTE: Bitcoin) and ether (ETH). Brex says users can open cryptocurrency wallets in Coinbase as the exchange takes on the job of keeping private keys safe.
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The company added that users could also receive bonuses in ether on their MetaMask wallets. The new feature became possible thanks to TravelBank, an all-in-one expense and business travel management platform, which powers the zero-fee rewards redemption program.
Henrique Dubugras, Co-CEO and Founder at Brex, told Forbes that the company "always believed in crypto personally."
"[However], the watershed moment for us was when Square, Tesla and a few other companies started buying crypto [and putting it] on their balance sheets," he added.
The San Francisco-based fintech company was founded by Dubugras and Pedro Franceschi in January 2017. The company offers business credit cards and cash management accounts to tech companies. As iHodl earlier reported, WeWork, a commercial real estate startup, started accepting cryptocurrency payments in select assets. The startup partnered with BitPay and Coinbase.
With BitPay, WeWork will accept payments in BTC, ETH, USD coin (USDC), paxos (PAX), and several other cryptocurrencies. The real estate startup also announced it will hodl cryptocurrencies on its balance sheet. WeWork CEO, Sandeep Mathrani, said the decision to add support for cryptocurrencies was made in order to adapt to clients' needs.
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