VISA is Launching a Credit Card that Offers Bitcoin as a Reward.
Visa, Evolve Bank and credit card firm Deserve are partnering with cryptocurrency startup BlockFi to offer a credit card that lets users earn bitcoin on purchases. Card users will receive a 1.5 per cent 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 Tuesday in a blog post and is already creating quite of interest across the world of finance.
The move comes after PayPal in October said 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.
Visa’s adoption of Bitcoin didn’t start with BlockFi. In April, the credit card firm partnered with startup Fold to offer rewards denominated in Bitcoin. In February, Visa and Coinbase announced the Coinbase Card, which allows users to issue Bitcoin using debit cards.
Bitcoin has surged just over 160 per cent 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.
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