BlockFi Started Issuing Its Credit Card With Crypto Cashback

BlockFi, a cryptocurrency financial services company, has announced that its long-awaited Bitcoin reward credit card will be issued to select customers on its U.S. waitlist.

The firm, which rolled out a waitlist for the BlockFi Rewards Visa Signature card in December 2020, said it now has 400,000 people.

According to the press release, the card offers users up to 1.5% back in Bitcoin on every purchase. This award is transferred to the BlockFi Interest Account, which brings additional bitcoins to customers.

BlockFi announced a number of other bonuses on Tuesday, including a trading bonus that gives traders on its platform up to 0.25% of their trading volumes back in Bitcoin, up to $ 500 per month.

BlockFi, which has expanded into a number of new institutional and retail business lines, including a new brokerage business, is raising money fast. As previously reported, the company, which announced a successful $ 350 million Series D round in March, raised an additional $ 500 million from a preliminary estimate of $ 4.75 billion.

In terms of offering the main interest account, BlockFi has had to cut rates in recent months, citing changing market conditions. Interest-bearing accounts, which previously yielded 6% per annum for amounts up to 2.5 bitcoins, now offer 4% per annum for amounts up to 0.25 bitcoins and 1.5% on top of that.

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