The new credit card from BlockFi will offer $250 in bitcoin as signup bonus after users spend $3,000 within the first three months
BlockFi will initially offer bitcoin credit card in the US. (Credit: BlockFi Lending LLC.)
Cryptocurrency firm BlockFi is partnering with Visa, Evolve Bank and credit card provider Deserve for the launch Bitcoin Rewards Credit Card that allows users earn bitcoin on every purchase.
For every transaction made on the card by a user, BlockFi claims that it will offer 1.5% cash back, which will add up, be converted to bitcoin and will be placed in the user’s BlockFi account on a monthly basis.
BlockFi said: “We’re excited to announce an innovative new product we’ve been working on for a long time: the first credit card that lets you earn bitcoin back with every purchase.”
To be initially offered only in the US, the credit card programme will also offer a signup bonus of $250 in bitcoin after spending $3,000 or more on the card within the first three months.
An annual fee of $200 will be charged on the credit card. Over time, BlockFi plans to add more features including new benefits both on and off its platform.
BlockFi claims that the new card will act a personal financial tool for its users to earn bitcoin while conducting everyday transactions.
BlockFi to ship new cards from next spring
BlockFi’s funded account users are allowed to join the waiting list and from next month, the firm will make the waiting list public and plans to start shipping the cards from next spring.
In August this year, BlockFi had secured $50m in series C funding led by Morgan Creek Digital with participation from investors including Valar Ventures, CMT Digital, Castle Island Ventures, Winklevoss Capital, and SCB 10X, among others.
The firm claimed that its revenue had grown ten-fold over the past year, putting on pace to reach $100m in revenue within the next one year.
BlockFi added: “The rapid adoption of crypto investments has led to a mounting need for core financial services that serve the community, and has led to a dramatic expansion of BlockFi’s global presence.”