Member Exclusive, New banks

Quontic is first bank to offer bitcoin rewards on debit card purchases

  • Quontic Bank released a checking account that pays rewards in bitcoin.
  • 20 percent of their consumers indicated that they would switch their checking account to one which rewards them in bitcoin
Rimal Farrukh | December 29, 2020
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Quontic is first bank to offer bitcoin rewards on debit card purchases

Quontic Bank recently rolled out its bitcoin rewards checking account. It is the first of its kind released by an FDIC-insured bank in the U.S. New York-based Quontic’s rewards account offers customers the opportunity to earn 1.5 percent cash back in bitcoin on debit card purchases. 

In addition to its bitcoin earning potential on eligible debit card transactions, the checking account program offers consumers a debit card, a companion mobile app, access to over 90,000 surcharge-free ATMs, Apple Pay, Google Pay, Samsung Pay and Zelle peer-to-peer payments. 

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Robinhood is an online stock brokerage that offers its customers commission free trading and investing. Robinhood users can invest and trade in stocks, exchange traded funds, options, and cryptocurrency. Customers can invest in over 5,000 stocks with Robinhood, including most U.S. equities and ETFs listed on U.S. exchanges.

Robinhood Financial, LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc. All cryptocurrency holdings are held in Robinhood Crypto as opposed to Robinhood Financial.

The company was founded in 2013 by Stanford roommates Baiju Bhatt and Vladimir Tenev. It has its headquarters in Menlo Park California and offices in the U.S and the UK.

Account Types

Robinhood’s products are accessible through its three different accounts: Robinhood Instant, Robinhood Gold and Robinhood Cash.

Robinhood Instant

Robinhood Instant is the default Robinhood account which is a margin account that has access to extended hours trading and instant deposits. Robinhood Instant account users do not have to wait for funds to process while selling stocks or depositing up to $1000.

Robinhood Gold

Robinhood Gold comprises a range of investing tools and premium products such as greater instant deposits starting at $5000 to a max of $50k, research from Morningstar on 1700 stocks, Level II Market Data from Nasdaq and more access to trading on margin. It has greater buying power and larger instant deposits as compared to the Robinhood Instant account.

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