Earlier this week Bitcoin announced a partnership with BlockFi. Two companies will be working on offering First Visa Credit Card that will be rewarding users with Bitcoin.
BlockFi services individuals and businesses worldwide, and in all 50 U.S. states, with offerings including interest-earning accounts, low-cost USD loans secured with crypto, and fee-free trading. With more than $100 million in equity funding, including a recent Series C funding round led by Morgan Creek that raised $50 million, and more than $2 billion in assets under management, BlockFi has a rock-solid foundation.
Rewards are not new to credit cards, Banks usually offer clients gift miles or cashback on their credit cards to attract more people, however, this will be the first credit card that will be offering cryptocurrency as rewards.
Here is what we know regarding the Credit card offers: It will cost 200$ yearly for users, however, you`ll be receiving 1.5% in BTC reward on every transaction and as soon as you reach $3000 in spending you`ll be getting a $250 reward. Rewarded Bitcoin will go to your BlockFi account and you`ll be able to cash it out, trade it, and even earn interest on it which is one more amazing benefit of BlockFi. We are expecting these Credit cards to be issued in 2021.
Bitcoin has been gaining popularity and going mainstream lately. Earlier this year Visa also partnered up with Fold to issue the first debit card offering cryptocurrency rewards. This kind of popularity and mainstream adoption has affected BTC price greatly, however, some analysts still believe this is just the beginning of the Cryptocurrency bullish rally.