This company has ambitions to start a credit card that gives crypto instead of points.
Instead of cash back, try crypto back.
Thomas Harrison, a 25-year-old entrepreneur based in San Francisco, announced plans for a new credit card, Blockrize, that would offer cryptocurrency instead of cash back or travel rewards. He says there’s currently a 2,000-person waiting list, despite Blockrize still lacking a banking partner to issue the card. (Before starting Blockrize, he was head of operations at the polling app Whatsgoodly, which closed during summer 2017.)
The card would offer 1% of the value of users’ purchases back in cryptocurrency, initially just BTCUSD, -1.87% and ethereum, every time they buy something. Harrison hopes the card will find a partner and be available to consumer by the end of 2018. He started investing his own savings in cryptocurrency in September. “It was kind of an exhilarating experience,” he said. But he tired of the exchange fees, hence the idea for crypto rewards on a credit card.
Whether or not he succeed, crypto rewards are an interesting idea, said Nick Clements, the co-founder of personal finance company MagnifyMoney, who previously worked in the credit card industry. Traditional credit cards already give their rewards in the form of alternative currencies, he said, whether they are frequent-flyer miles or rewards points. Many people interested in crypto are afraid to invest because it’s so volatile “or they don’t know how to do it,” Clements said.