The news is of those that cannot be tracked. On the contrary, it will be talked about and a lot in the next few weeks, since in some way the opening of the giant of means of payment, with respect to digital currency, represents a certification of how the introduction of Bitcoin in the “normal world” is getting closer and closer.
As reported by Cointelegraph, Visa and BlockFi are working together to launch a new credit card that rewards users with Bitcoin, laying the foundations for a wider mainstream adoption of digital currency.
BlockFi, a New York-based startup specialising in crypto-currency secured loans and savings accounts, announced its partnership with Visa on Tuesday.
The new credit card will reward purchases with Bitcoin rather than air miles or other redemption premiums. Cardholders will be entitled to receive 1.5% of their BTC purchases.
The card, with an annual fee of $200, will be issued by Evolve Bank & Trust.
Although the card will be available to the public in early 2021, BlockFi account holders will be able to register in advance. BlockFi is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a wider range of consumers,” said Zac Prince, founder and CEO of the startup.
The partnership with BlockFi is part of Visa’s Fintech Fast Track program, which “aims to accelerate the integration process” with the credit card network. Terry Angelos, senior vice president and global head of fintech at Visa, said the goal of the accelerated program is to help innovative companies “scale efficiently”.
This is not Visa’s first foray into the world of cryptocurrency. Earlier this year, the credit card company partnered with digital startup Fold to offer a debit card that earns prizes based on encryption.
More generally, Visa has outlined a positive vision for the adoption of digital currency, reversing a previous and more hostile attitude. The credit card company is also helping to define regulations for digital resources around the world, including working with the World Economic Forum to develop recommendations on the use of central bank digital currencies.
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