Digital banking outfit Quontic has become the first FDIC-insured financial institution in the US to launch a Bitcoin rewards debit card.
Quonitc is working with Bitcoin specialist NYDIG and FIS on Bitcoin Rewards Checking, which will see customers earn 1.5% in Bitcoin on eligible purchases.
In addition, users get a mobile app, access to over 90,000 surcharge-free ATMs, and ApplePay, GooglePay, SamsungPay and Zelle peer-to-peer payments - with no monthly service fee.
NYDIG is providing its secure custody platform to manage the Bitcoin rewards, with FIS helping with the mobile app offering rewards tracking, reporting and functionality.
Steven Schnall, CEO, Quontic, says: "Bitcoin is gaining massive momentum both as a digital currency, an asset class, and as a store of wealth. This is of particular importance today given that the Federal government printed an additional $3T in money in 2020 in response to Covid-19 and the accompanying risk of inflation and dollar devaluation.
"The debut of our Bitcoin Rewards Checking account is groundbreaking and will serve a substantial purpose."