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Blockrize: The First Credit Card with Cryptocurrency Rewards

As cryptocurrency is adopted by the mainstream, its use will become more commonplace. Things like crypto ATMs and payment services have already begun to proliferate, and major companies are all eyeing cryptocurrency and blockchain as a way to improve their business and revenue. Banks and credit card companies, however, view cryptocurrency as a threat to their business models and have been opposed to the emerging technology, often blocking transactions and speaking of the dangers of investing in cryptocurrency.

Not Blockrize, though. Blockrize is a San Francisco-based financial company offering a first-of-its-kind credit card that not only embraces cryptocurrency, it offers rewards on purchases paid in bitcoin and ethereum. A statement on Blockrize’s website explains the motivation behind launching a credit card that offers cryptocurrencies as rewards:

“We grew tired of paying high exchange fees and buying cryptocurrency at its peak price, so we created the blockrize card. Stop worrying about when to buy and earn cryptocurrency fee-free every day.”

Users of the credit card will earn 1% crypto back on all purchases, with no fees applied to the cryptocurrency rewards earned. Blockrize claims to hold the “majority of assets offline” and employs “rigorous security measures” to assure user’s cryptocurrencies are safe and accounted for.

There is currently a waitlist to apply to Blockrize, but once the card launches, approved applicants will be able to set up digital wallets and choose the cryptocurrency type they would like to earn through rewards. Once rewards are earned, cryptocurrency is deposited to the digital wallet, where a user is allowed to send their earned crypto to another non-Blockrize wallet, and will have the ability to sell their cryptocurrency directly on Blockrize and transfer them to a bank account. Unfortunately, though, you cannot use the earned cryptocurrency for purchases.

Blockrize is aiming for a 2018 launch, and has opened up a waitlist for anyone interested to join to get early access to Blockrize later this year.