Cryptocurrency services firm BlockFi has launched its first-ever crypto rewards credit card in partnership with Visa.

The card, which is dubbed the BlockFi Rewards Visa Signature Credit Card, would enable its holders to earn 1.5% back in Bitcoin for every purchase.

Cardholders will receive a 3.5% Bitcoin rewards rate for the first 90 days and are also eligible to earn 2% in Bitcoin on annual expenses exceeding over $50,000.

For every transaction cardholders make, BlockFi hands them Bitcoin rewards which are transferred to the cardholder’s BlockFi Interest Account (BIA).

The rewards credit card was first announced last year by BlockFi. The waitlist, which was launched by the firm in December 2020, has now amassed nearly 400,000 people.

BlockFi and its partners have started releasing credit cards to customers on their waitlist.

The BlockFi credit card offers several perks, such as trading bonuses and a referral program. It also has no annual fee.

The crypto firm also plans to add new features to the credit card. These include the option to pay with stablecoin, adding new merchants and categories to increase reward rate, and mobile app improvements.

Terry Angelos, SVP and global head of fintech at Visa, said that crypto rewards programs are compelling in welcoming users to the crypto economy.

“Crypto rewards programs are a compelling way to engage consumers in the crypto economy. We’re excited to see programs like the BlockFi Rewards Visa® Card, which offer rewards that are relevant to the growing community of digital currency adopters.”

BlockFi co-founder Flori Marquez added that the card would make it easier for people to earn Bitcoin back while making day-to-day purchases.

Launched in 2017, BlockFi is one of the leading cryptocurrency lenders with different products ranging from crypto-backed loans to interest-earning accounts. In March, the firm raised $350 million in Series D funding, which got it to a $3 billion valuation. It raised another $435M at a $5B valuation in June as well.

Visa has been known for its strong presence in the cryptocurrency scene. Having partnered with over 50 firms to launch credit cards, the firm is rapidly expanding the adoption of digital currencies.

The company recently announced that its crypto-related cards saw a billion dollars worth of spending activity in the first six months of 2021.

Visa also disclosed that the FTX crypto derivatives platform would join its Fintech Fast Track Program. Visa’s Fintech Fast Track Program is aimed at making cryptocurrency more practical for consumer and business spending.

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