Quontic Bank is launching a bitcoin rewards account with a debit card. Customers can earn back 1.5% in bitcoin on their debit card purchases. “Bitcoin is gaining momentum as a digital currency, as an asset class and as a store of wealth,” said the bank’s CEO.

Checking Bitcoin Rewards Account

The digital bank Quontic on Tuesday announced the launch of its “bitcoin rewards account”. The announcement reads:

Quontic is the first FDIC insured financial institution in the US to go live with a bitcoin rewards pass. Quontic customers can earn 1.5% bitcoin on eligible debit card purchases.

“Quontic’s bitcoin rewards monitoring program provides consumers with a debit card, mobile app, access to more than 90,000 free ATMs, Applepay, Googlepay, Samsungpay, Zelle peer-to-peer payments and more – all with no monthly service fees,” the announcement continues.

The bank has partnered with NYDIG, that company recently helped Mass mutual insurance giant buys $ 100 million BTC. NYDIG offers Quontic a secure custody platform to manage bitcoin rewards.

The bank’s website explains that its Bitcoin Reward Checking account is a non-interest bearing personal checking account. A minimum of $ 500 is required to open the account, but there is no minimum daily balance requirement to earn bitcoin rewards. The website further clarifies that the balances of bitcoin rewards or the cryptocurrencies in clients’ NYDIG accounts are not subject to FDIC or SIPC protection.

“Bitcoin is gaining momentum as a digital currency, as an asset class and as a storehouse for wealth,” said Quontic CEO Steven Schnall.

This is particularly important today as the federal government printed an additional $ 3T in money in 2020 in response to Covid-19 and the associated risk of inflation and dollar devaluation.

In addition, Quontic has partnered with NYSE-listed Fidelity National Information Services Inc. (FIS) to build a mobile app with “bitcoin rewards tracking, reporting and functionality expected to launch in the second quarter of 2021”.

Interested customers can now sign up on the Quontic website to be put on the waiting list for the bitcoin rewards checking account. However, the program is initially available only to a limited number of people and only residents of Alabama, Arkansas, California, Maryland, Massachusetts, Missouri, Montana, New York, Pennsylvania, Utah, Wisconsin, and Wyoming. The bank plans to increase the availability of the program in the coming months.

What do you think of Quontic Bank’s bitcoin rewards account? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Quontic

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