Quontic Bank launches a bitcoin rewards checking account with a debit card. Customers can earn 1.5% back in bitcoin on their debit card purchases. “Bitcoin is gaining huge momentum as a digital currency, asset class, and as a store of wealth,” said the bank’s CEO.
Bitcoin Rewards Verification Account
Digital bank Quontic on Tuesday announced the launch of its “bitcoin rewards checking account.” The announcement states:
Quontic is the first FDIC-insured financial institution in the US to go live with a bitcoin rewards debit card. Quaternary customers can earn 1.5% in bitcoin on eligible debit card purchases.
“Quontic’s bitcoin rewards check program offers debit card, mobile app, access to over 90,000 unpaid ATMs, Applepay, Googlepay, Samsungpay, Zelle peer-to-peer payments, and more – all with no monthly service fee, ”The announcement continues.
The bank has partnered with NYDIG, the company that helped the insurance giant Massmutual recently buy $ 100 million worth of BTC. NYDIG provides Quontic with a secure holding platform to manage bitcoin rewards.
The bank’s website explains that its Bitcoin Reward Verification account is an interest-free personal checking account. Opening the account requires a minimum of $ 500 but has no minimum daily balance requirement to earn bitcoin prizes. The site further clarifies that neither the bitcoin rewards balances nor the cryptocurrencies in customers’ NYDIG accounts are subject to FDIC or SIPC protections.
“Bitcoin is gaining huge momentum as a digital currency, asset class, and as a store of wealth,” Quontic CEO Steven Schnall added, adding:
This is especially important today given that the federal government printed an additional $ 3T in currencies in 2020 in response to Covid-19 and the associated risk of inflation and dollar depreciation.
In addition, Quontic has partnered with Fidelity National Information Services Inc. (FIS) listed by NYSE to build a mobile app with “tracking, reporting and functionality of bitcoin awards that will be launched in Q2 in 2021.”
Interested customers can sign up to be added to the waiting list for the bitcoin rewards checking account on the Quontic website now. However, the program will initially only be available to a limited number of people, and only to 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 checking account? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Quontic
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