Deserve’s launch of BlockFi Visa credit card was well-received by the public as it offers rewards of 1.5% in Bitcoin for each purchase made, stimulating the acquisition of Bitcoins without going through a third-party exchange. The rewards can go up to 2% if the owner of a BlockFi account and credit card spends more than 50,000 USD.
The US-based startup has been backed by Goldman Sachs and Mastercard since its inception and has been focusing on providing competitive Bitcoin rewards for customers to attract more clients.
The company uses a mix of AI, machine learning algorithms, employment data, and FICO scores to fasten the credit card application process, allowing customers to set up a digital wallet faster, compatible with Apple and Android devices.
The company’s initiative offers an alternative to a market that is considering crypto-back rewards more and more to stimulate the use of cryptocurrencies in retail spending. Similarly, the partnership between Gemini and Mastercard offers their clients 2% back on their grocery purchases and 1% back on all other buys.
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