Visa and popular bitcoin cashback app Fold are ready to introduce customers to the first debit card which provides users with a bitcoin rewards program.
The card will enable users to spend U.S. dollars and get bitcoin rewards, thus promoting cryptocurrency use in standard payments.
Fold’s CEO Will Reeves said that Visa would be providing the company with financial support and a dedicated team to bring the new Bitcoin cash-back rewards card to market.
With this, Fold joined Visa’s Fintech Fast Track program. Under this program, Visa allows fintech companies to accelerate their integration with the payments giant.
According to Fold, it is the first crypto-related company to gain admission into the program.
“By joining Visa’s Fast Track program, exciting Fintechs like Fold gain unprecedented access to Visa experts, technology, and resources,” Terry Angelos, SVP and global head of fintech at Visa, said.
“Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”
Marketed as a “brave new card,” it will offer 1-2 percent Bitcoin rewards for any purchase made online or offline.
Additionally, the company will launch daily promotions in the Fold app that offer rewards of up to 10 percent at select merchants.