Quontic announced today that it is rolling out bitcoin rewards verification, per a statement shared with Bitcoin Magazine.
According to the statement, “Quontic is the first FDIC-insured financial institution in the US to go live with a Bitcoin rewards debit card.” Customers can earn 1.5 percent in bitcoin on eligible debit card purchases, which must take place at the point of sale.
“Quontic’s disruptive banking platform is redesigning traditional banking with adaptive lending and innovative deposit products that transcend previous banking inequalities,” according to the statement.
Quontic’s access to Bitcoin with its bitcoin-back rewards debit card shows the early access of challengers and digital banks to offering Bitcoin services. This is a pivotal moment in the development of Bitcoin as it signals consumer demand for Bitcoin services as well as increased trust in the Bitcoin Network.
The program offers the following debit card benefits:
- 1.5 percent in Bitcoin on eligible debit card purchases
- Mobile app and access to over 90,000 unpaid ATMs
- Compatibility of ApplePay, GooglePay and SamsungPay
- Zelle’s partner-to-partner payments
“Bitcoin is gaining huge momentum as a digital currency, asset class and as a store of wealth,” Quontic CEO and Founder Steven Schnall said, according to the statement. “This is particularly important today given that the federal government printed an additional $ 3 trillion in cash in 2020 in response to COVID-19 and the associated risk of inflation and dollar depreciation. The first appearance of our bitcoin rewards checking account is groundbreaking and will serve a significant purpose. “
Quontic is partnering with NYDIG, a financial services company dedicated to Bitcoin, which helped MassMutual acquire $ 100 billion worth of bitcoin last week.
“Quontic will extend a limited number of invitations to apply to its new bitcoin rewards check program with its initial launch, with increased availability in the coming months,” the announcement states. : ”Only residents of Alabama, Arkansas, California, Maryland, Massachusetts, Missouri, Montana, New York, Pennsylvania, Utah, Wisconsin and Wyoming are currently eligible to apply.”