Thanks to the rapidly growing demand of cryptocurrencies, many fintech firms are offering crypto rewards on their debit and credit cards. A few months back, Quontic became the first bank to offer bitcoin rewards on debit card purchases. Coinbase has launched its own crypto debit card, and the Winklevoss brothers’ crypto firm Gemini is launching a credit card that lets you earn up to 3% back in bitcoin for every dollar spent.
Crypto management platform BlockFi was one of the first to announce its own bitcoin rewards credit card, which will begin shipping to U.S. consumers in Q2 2021. “Cardholders will earn 1.5% cash back on all purchases that will automatically be converted to bitcoin and placed into a BlockFi account every month,” said Zac Prince, co-founder and CEO of BlockFi. “Since bitcoin earned from card transactions is deposited into a BlockFi account, it’s regarded as standard crypto funding, and it can be withdrawn, traded, or used as collateral toward a crypto-backed loan.”
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