A San Francisco-based startup company announced plans for a new credit card, called Blockrize, which will offer 1% of purchases back into cryptocurrency. The company currently has around 2,000 people on its waiting list despite the lack of a banking partner to issue the card
The company currently has only one full-time employee, 25-year old entrepreneur Thomas Harrison who was previously head of operations at the now defunct polling app Whatsgoodly. Harrison said he came up with the idea after Coinbase charged him a $ 1.49 fee for buying crypto, and $3.99 by credit card companies.
The idea behind Blockrize is that users would get back 1% of the value of their purchases in cryptocurrency every time they buy or shop for something. For now only Bitcoin and Ethereum are offered but other coins may be included in the future if this venture succeeds.
Harrison is hopeful that the card will find a partner and that by the end of 2018, be available to consumers.
Whether or not this project succeeds, the idea of crypto rewards is quite appealing and may even be lucrative. Traditional credit cards, after all, give their rewards in the form of alternative currencies in the form of reward points and frequent flyer miles.
Photo by David McBee