Visa Inc. also known as Visa is a world-famous financial services corporation based in California. Importantly, Visa understands the importance of cryptocurrencies. It is worth mentioning that Visa and BlockFi are working together to launch a new crypto card that rewards users with Bitcoin, setting the stage for wider mainstream adoption of cryptocurrencies.
People should keep in mind, BlockFi is a New York-based startup specializing in crypto-backed loans and savings accounts. Importantly, the new credit card will reward purchases with Bitcoin rather than airline miles or other cashback rewards. Interestingly, cardholders will be eligible to receive 1.5% of their purchases back in Bitcoin.
Notably, Evolve Bank & Trust will issue the card. Interestingly, the credit card will be available to the general public in early 2021. However, BlockFi account holders will be able to sign up beforehand.
Visa and cryptocurrency
Interestingly, the BlockFi partnership is part of Visa’s Fintech Fast Track Program. Importantly, the program aims to speed up the process of integration with the credit card network. The goal of the fast track program is to help innovative companies to reach better results.
Notably, this is not the company’s first project related to cryptocurrencies. Earlier this year, Visa partnered with digital startup Fold to offer a debit card that earns crypto-based rewards.
Importantly, the company outlined a positive vision regarding crypto adoption. Hopefully, Visa reversed its position, as in the past the company was not supporting cryptocurrencies. At the moment, there are more than 25 cryptocurrency wallets connected to Visa’s systems.
This is not the end of the story as the financial services corporation is also helping to shape regulations toward digital assets around the world. The company works with the World Economic Forum to develop recommendations on the use of central bank digital currencies.
Visa as well as Mastercard made strong statements in support of the use of cryptocurrencies several months ago, by announcing respective projects and collaborations that are driving the adoption of cryptocurrencies.
The positive stance toward cryptocurrency exchanges as well as payment platforms from traditional payment processors indicates a shift in perception from the traditional financial space.
The world’s largest traditional payment processors understand the importance of cryptocurrencies. Hopefully, companies, as well as people little by little, learn more about cryptocurrencies. A new crypto card that rewards users with Bitcoin will make it easier to make Bitcoin more popular in the U.S. and other parts of the world.
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