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BlockFi partners with Visa to launch bitcoin rewards credit card

·1 min read

Dec 1 (Reuters) - Cryptocurrency startup BlockFi said on Tuesday it would partner with Visa Inc, Evolve Bank and credit card firm Deserve to offer a credit card that lets users earn bitcoin on purchases.

Card users will receive a 1.5% cashback on an accrual basis for every transaction made through the card, which will then be converted to bitcoin and placed into a BlockFi account in a regular monthly cycle.

The service will initially be offered only in the United States and the shipping of cards will start in spring next year, BlockFi said in a blog https://blockfi.com/join-the-waitlist-for-the-worlds-first-ever-bitcoin-rewards-credit-card post.

The move by BlockFi comes after PayPal Holdings Inc in October said https://www.reuters.com/article/paypal-cryptocurrency-int-idUSKBN2762D5 it would allow customers to hold bitcoin and other virtual coins in its online wallet and shop using cryptocurrencies, a move which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods.

Bitcoin has surged about 160% this year, fueled by demand for riskier assets amid unprecedented fiscal and monetary stimulus, interest in assets perceived as resistant to inflation and expectations that cryptocurrencies will win mainstream acceptance. (Reporting by Sohini Podder in Bengaluru; Editing by Amy Caren Daniel)