● Waitlist registration now open to BlockFi clients
● BlockFi joins Visa’s Fintech Fast Track Program
● Card users to earn market leading 1.5% rewards rate in bitcoin on all card purchases
● $200 annual fee with $250 in bonus bitcoin after spending $3K in first 3 months
NEW YORK, December 1, 2020 -- BlockFi, a leading wealth management platform for cryptocurrency investors, today announced that it will be releasing its Bitcoin Rewards Visa Credit Card — the first credit card program to offer cashback rewards in bitcoin — in early 2021. Additionally, the company today opened waitlist registration for existing and new BlockFi account holders who will have first access to the card at launch.
To support the launch and subsequent rollout, BlockFi has joined Visa’s Fintech Fast Track program, speeding up the process of integrating with Visa and enabling the company to more easily leverage the reach, capabilities, and security that Visa offers. Through Fast Track, BlockFi will enable its Bitcoin Rewards Visa Credit Card users to accrue rewards from purchases at businesses worldwide. The BlockFi Visa credit cards will be issued by Evolve Bank & Trust and powered by Deserve.
With the BlockFi credit card, clients will receive 1.5% of their fiat purchases back in bitcoin, similar to how individuals accrue cashback rewards or travel points on other cards. Clients will also be eligible to receive a bonus of $250 in bitcoin after spending $3,000 or more within the first three months. The card will have an annual fee of $200.
The credit card is designed to serve cryptocurrency holders looking for new ways to add to their assets, as well as people curious about investing in bitcoin who haven’t yet opened a cryptocurrency trading or interest earning account. For the latter, the BlockFi card offers an easy entry point, enabling consumers to accrue bitcoin through everyday spending.
BlockFi account holders will be able to register, apply and receive credit cards before the general public. This registration period is expected to run through 2020. Individuals who open a new BlockFi account during early registration will be able to join the priority waitlist. The public waitlist is slated to open in early January.
“We’re excited to add credit cards to our suite of products and expand bitcoin’s accessibility to a broader set of consumers,” said Zac Prince, CEO and Founder at BlockFi. "This card makes it simple and risk-free for people to gain or increase exposure to a new asset class without changing their spending or investing habits. And by working with Visa, Deserve and Evolve, we have the infrastructure to put this card in millions of consumers’ wallets.”
“Through the Visa Fast Track program, innovative firms like BlockFi get the benefits of the technology, resources and technical expertise that our global network offers,” said Terry Angelos, SVP and Global Head of Fintech at Visa. “Our aim is to give rapidly growing companies the resources they need to scale with efficiency.”
“Evolve is impressed with the creativity and forward-thinking direction from Zac and the BlockFi team,” said Scot Lenoir, CEO and Chairman of Evolve Bancorp Inc. “Their approach makes this the perfect partnership that will create innovative and unique opportunities for consumers.”
“As a crypto enthusiast myself, I want to find as many ways to own bitcoin as possible and what is better than converting your everyday spend into savings that grow,” said Kalpesh Kapadia, founder and CEO of Deserve Inc. “As a purveyor of a modern credit card platform with a digital and mobile centric approach, Deserve is excited to power the pioneering BlockFi credit card offer that ushers in the era of digital gold.”
BlockFi is a new breed of financial services company. Founded in 2017 by Zac Prince and Flori Marquez, BlockFi is building a bridge between cryptocurrencies and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi’s platform manages more than $2 billion in assets and has generated tens of millions in interest for clients. The company continues to expand its presence in the US and across international markets, with offices in New Jersey, London, Singapore, Argentina and Poland.
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