US Crypto Lender BlockFi to Launch Bitcoin Rewards Credit Card
Major crypto lender BlockFi aims to develop a Bitcoin (BTC) rewards credit card, with a view to rolling out this year.
In an official announcement, co-founders Zac Prince and Flori Marquez stated that the new card would allow customers to earn “an industry-leading, BTC cash-back rate on every transaction” they make, in place of conventional rewards such as air miles or cashback.
The company made no mention of the exact scale of the “industry-leading rate” in question, however.
The co-founders wrote,
“We see the credit card as a way to add value to crypto OGs, as well as a novel way to introduce crypto to non-owners in an easy, familiar way.”
The company also says that it intends to make a major overhaul of its portfolio in 2020 – with stablecoin and altcoin products in the pipelines.
“The first order of business in January will be expanding our services. In the first few weeks, we will be adding support for USD Coin (USDC) and Litecoin (LTC) with some of the most competitive interest rates in the market.”
BlockFi also spoke of launching a mobile app and “adding fiat on and off ramps” in the months ahead.
The New Jersey-based company is not the first to offer credit card crypto rewards services. Last year, American start-up TomoCredit launched a similar card, which offers USD 10 in crypto for every USD 100 spent on with the card – a Mastercard-issued offering from Arkansas-based Evolve Bank. (Learn more: Top 5 Bitcoin Cashback Rewards Apps You Can Use to Earn Bitcoin)
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BlockFi, which started out offering dollar loans secured by crypto, added two further products to its range in 2019: an interest-accruing account and a crypto trading platform named BlockFi Trading.