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VISA expands partnership with cryptocurrency companies
The partnership between cryptocurrency companies and the global payment system VISA has just reached a new level: the first-of-its-kind VISA credit card with 1.5-2% BTC cashback is now available for US customers. The card was developed and issued by the American crypto-lending platform BlockFi.
Also noteworthy is that since December 2020 – the official announcement of the card’s future date of issue, over 400 thousand people have already signed up on the waiting list, a fact that surely stands for the high competitiveness of the project, compared to traditional credit cards. The new VISA card operates simply and clearly: cardholders receive a cashback of 1.5% from each purchase, which is automatically converted into BTC and credited to the user's BlockFi account every month. Moreover, if the amount spent exceeds $50,000 per year, the cashback increases to 2% per dollar.
Among the advanced features of the new card are favorable cashback conditions, reduced trading fees, no commissions for international transactions, and no annual service fees (excluding interest and commissions in case of delayed payments). Besides, the company is ready to provide new clients with even more profitable options: a reward of 3.5% in BTC within 90 days from the date of the card’s purchase.
According to BlockFi developers, today, their mission is to unite the world of traditional finance and blockchain technology and bring financial empowerment to customers on a global scale. Meanwhile, the major crypto exchange platform Gemini announced the launch of a similar credit card in the summer of 2021 in partnership with Mastercard. The competition is about to mount.