BlockFi, a services company specializing in cryptocurrency, has recently partnered up with Visa in order to launch the first-ever cryptocurrency rewards credit card. This card shall be provided to approved clients within the U.S and was officially launched yesterday. BlockFi had initially talked about its intentions for introducing such a credit card back towards the end of 2020, which was also around the time when a waiting list of sorts had been released by the exchange regarding the clients based in the United States. This list now contains more than 400,000 individuals.
Zac Prince, BlockFi’s CEO, predicts that all those currently on the waiting list shall receive the card later this month.
Ease of access
With this new offering, users shall be provided with a simple and effective way of obtaining Bitcoin (BTC) while simultaneously eliminating the need of paying any fees as well as navigating through any onboarding processes (which are often complex in nature) at various exchanges. BlockFi, in turn, shall be entitled to receive benefits from this new initiative via the utilization of the aforementioned card as a new kind of tool to be used for the purposes of customer acquisition. It will also derive benefits from the previously mentioned fees that will be received from the money that the clients will be spending on the credit card.
The SVP of Operations and Co-Founder of BlockFi, Flori Marquez, stated that the cryptocurrency industry has definitely evolved ever since Bitcoin was first introduced to us over a decade ago. Nowadays, almost everyone would have heard about cryptocurrency to some extent, as well as the increasingly vital role that it plays in the global financial sector. Therefore, Flori added, the credit card will enhance this experience by making it even easier for clients to earn BTC back as daily purchases simultaneously take place.
Visa finally joins in on the crypto craze
Through the launch of the new card, Visa has now marked a significant new chapter in its company’s long history. While it had previously been hesitant to do so, there can be no denying that the payment processing company has begun exploring different avenues in the current expansion of its crypto-oriented business activities.
Moreover, although Visa has already partnered up with numerous cryptocurrency firms in order to offer its debit cards to people all across the globe, the collaboration with BlockFi shall be the first of its kind in introducing a new crypto-based rewards system directly linked to the credit cards.