BlockFi is shipping out its bitcoin rewards credit card

Bitcoin • July 6, 2021, 11:00AM EDT
UPDATED: July 8, 2021, 9:03AM EDT
The Block

BlockFi — the cryptocurrency financial-services firm — has announced that its much-anticipated bitcoin rewards credit card will be rolled out to select customers on its U.S. waiting list. 

The firm, which rolled out the waiting list for the BlockFi Rewards Visa Signature Card in December 2020, said it now has 400,000 people on it.

The card offers users up to 1.5% back in bitcoin on every purchase, according to a media release. That reward is transferred to a BlockFi Interest Account, which will yield clients additional bitcoin. 

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BlockFi announced a number of other bonuses on Tuesday, including a trading bonus that gives traders on its platform up to 0.25% of their trading volumes back in bitcoin, up to $500 a month. 

BlockFi, which has expanded into a number of new institutional and retail business lines — including a new prime brokerage business — has been raising money at a fast clip. The firm, which announced a $350 million Series D in March, was in the process of raising an additional $500 million at a $4.75 billion pre-money valuation, sources told The Block at the time.

In terms of its main interest account offering, BlockFi has had to drop its rates in recent months, citing changing market conditions. The interest accounts, which used to bear 6% APY on amounts up to 2.5 bitcoin, now offer 4% APY on amounts up to 0.25 bitcoin, and 1.5% beyond that.

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