Credit card giant Visa Inc. has teamed up with startup Fold to offer a card that earns rewards denominated in cryptocurrency instead of airline miles or cash.
Fold Chief Executive Officer Will Reeves announced that up to 10% of cash purchases made with the co-branded debit card will be credited to users in Bitcoin,
Reeves believes it will bring a wave of consumers to the world’s most well known digital asset.
People are not interested in spending Bitcoin right now, but are interested in accumulating it,” Reeves said in an interview. “If people don’t understand Bitcoin as money yet, they certainly will understand it better as a reward.”
In February, Coinbase and Visa announced the Coinbase Card, which gives users to ability make cash purchases using Bitcoin on the Visa debit card.
The Fold partnership was announced Thursday in a joint statement from the companies, and cards are expected to be issued in July.
Issuing Bitcoin rewards instead of loyalty points or airline miles, shows a maturity in how people are viewing cryptocurrencies.