New Jersey startup BlockFi partners with Visa to launch bitcoin rewards credit card

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New Jersey startup BlockFi partners with Visa to launch bitcoin rewards credit card

On Tuesday, BlockFi, a New Jersey-based cryptocurrency start-up, had issued a statement saying that the crypto start-up had reached an accord with the global payment processing giant Visa Inc., Evolve Bank and a Utah-based credit card firm Deserve which in effect would enable it to proffer a credit card that would allow users to earn bitcoins on each transactions.

Aside from that, the New Jersey-headquartered American crypto start-up BlockFi had also added that that its card users would receive a 1.5 per cent cashback for every transaction conducted through the card, while the rebated amount would be converted into bitcoin and racked up in a BlockFi digital wallet on a monthly basis.

On top of that, BlockFi had also been quoted saying in a blog post that its bitcoin rebate service would be initially offered in the United States, while the first shipment of cards might be received as early as by Spring next year.

BlockFi teams up with Visa, offers bitcoin rebate service on each transaction

In point of fact, latest breakthrough move from the cryptocurrency start-up BlockFi comes over the heels of an October remark from PayPal Holdings Inc.

while the American multinational payment processor had been quoted saying that its customers would be allowed to hold bitcoin alongside other digital currencies on their PayPal virtual wallet and the online wallet could be used to shop using digital currencies, remarking a landmark progress en-route to mass adoption of crypto assets in mainstream financial activities.

Although, Visa Inc., Evolve Bank alongside the Utah, Murray-headquartered credit card firm Deserve had yet to comment over the subject-matter, Bitcoin, the original cryptocurrency, had stormed past its all-time high shortly after the BlockFi announcement on Tuesday, however, had wrapped up the day just a notch shy of $19,000 after hitting an intra-session high of $19,915.14, up from a previous record high of $19,666 hit during the December of 2017.