Crypto lending firm BlockFi announced that it would launch a Bitcoin rewards credit card in January 2021.
BlockFi’s Bitcoin Visa Card
The credit card will allow users to earn back 1.5% on all card purchases in Bitcoin.
“For every transaction that you make on the card, 1.5% cash back will accrue and then automatically be converted to bitcoin and placed into your BlockFi account on a regular monthly cycle,” the firm said in the press release.
According to BlockFi, this is the very first credit card in the entire crypto ecosystem. Other cards like Fold, Crypto.com, BitPay, and several others offer a similar service. These alternatives are typically prepaid or debit, however.
The firm further stated that the card would help create more Bitcoin owners and bridge the gap between traditional finance and the crypto industry.
BlockFi has partnered with Visa, Evolve Bank, and Deserve to help in the card launch.
The card will have an annual fee of $200 and be made available initially to U.S.-based customers.
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