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Visa Exploring Ways of Paying Transaction Fees on the Ethereum Blockchain With Just a Card
Payments giant Visa is exploring the possibility of allowing users to pay transaction fees on the leading smart contract platform Ethereum (ETH) using a card. In a new company blog post, the credit card titan says that paying gas fees using a card may simplify the process of transacting over Ethereum. According to Visa, users […]
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Visa Launches Bitcoin and Crypto Enabled Cards in Latam
Visa, one of the biggest payments companies in the world, has announced the launch of a series of crypto-enabled cards in partnership with several fintech startups in Latam. These cards will allow users to spend crypto, purchase crypto where Visa cards are accepted for such, and also receive crypto cash back through different fintech partners […]Nearly 70,000 Issued Binance Refugee Crypto Card for Ukrainians
Thousands of Ukrainians have ordered a crypto card issued by the world’s leading digital asset exchange, Binance, for its users from the war-torn country. The card allows people displaced by the ongoing conflict with Russia to make payments and receive financial support. Binance Announces Results From Efforts to Help Ukrainian Refugees Between April 26 and […]Mastercard to Implement Payments for NFT and Web3 Projects
Payments giant Mastercard has announced it is working to bring direct payment support for a number of NFT and Web3 platforms with its cards. According to the company, this will enable more customers to enter the industry as the barrier to acquiring such digital goods is lowered via more flexible payment products. Mastercard To Enable […]Crypto.com Cuts Card Rewards to Customers’ Dismay
Visa and Mastercard Suspend Operations in Russia as Part of Sanctions Over Ukraine
The world’s leading payment processors Visa and Mastercard have joined sanctions against Russia over its military invasion of Ukraine. The American companies announced suspension of operations in the Russian Federation although Russians will be able to use their cards inside the country. Card Payment Giants Visa and Mastercard Add to Pressure on Russia Over Ukraine […]Bank of Russia Wants to Restrict Crypto Investments by Blocking Card Payments, Report Reveals
The Central Bank of Russia is currently reviewing various ways to prevent Russians from investing in cryptocurrency. One the options on the table is to block card payments to certain recipients such as crypto exchanges, a media report has unveiled. A recent meeting at the State Duma has indicated, however, that the authority’s hardline stance […]Ukrainians Offered New Crypto Services, Bitcoin Cards
Along with the growing popularity of cryptocurrencies, Ukrainians are enjoying an expanding range of related services and products. Besides new options to buy and trade coins, crypto users in the country will be offered two cards that will allow them to spend their digital currencies in stores and online. Wirex Gives Ukrainians Access to Over […]Bitcoin rewards triggered shopping frenzy for cardholders: BlockFi data
Owners of the Visa-backed Bitcoin rewards card amassed over 124 BTC collectively over 90 days, BlockFi data shows.
Bitcoin (BTC) turned out to be a far more attractive prize than airline miles or other cashback rewards, new data from BlockFi suggests.
It’s been three months since the New York-based crypto loans startup launched its Visa-backed Bitcoin rewards credit cards, BlockFi Rewards Visa Signature Credit Card, to customers. The card offers rewards in Bitcoin instead of using a more traditional points system.
According to the company, if the average Bitcoin rewards card owner continues the shopping habit seen in these first three months, they'll be on track to spend more than $30,000 per year on average. This is almost six times the average of $5,111 per cardholder in the United States.
“The fact that cardholders are pacing towards over 2 billion dollars in annualized spend reinforces BlockFi’s mission to provide clients with broader access to financial products and services that allow them to invest in cryptocurrency more easily,” BlockFi Co-founder and CEO Zac Prince told Cointelegraph.
BlockFi said its Bitcoin rewards card has grown past 50,000 owners across all 49 states, excluding New York, where the card is not available. California accounts for over 20% of total spending while Washington D.C., California, Texas and Florida follow as the highest spending states.
Related: AMC Theatres debuts crypto payments for e-gift card purchases
Cardholders have amassed more than 124 BTC in rewards collectively during the program’s first three months, with Costco, Amazon and Home Depot being the top three merchants. The spending behavior ranges from everyday purchases like groceries, utilities, and home improvement projects to more significant purchases.
“For the Bitcoin maximalist, Compass Mining has been a top merchant for those who want to earn even more bitcoin from their home mining rigs,” the announcement reads.
Available to use anywhere Visa is accepted, BlockFi’s card enables its owners to earn 1.5% back in the original cryptocurrency with an introductory 3.5% rate. Due to the price movements of Bitcoin, cardholders who were paid out rewards at their 3.5% intro rate made an effective rate of over 4.25%. Customers earning the standard 1.5% back were also getting a 1.8% effective rate, the BlockFi team explained for Cointelegraph.