Quontic Bank Launches Bitcoin Rewards Checking Account With Debit Card for US Customers | Finance Bitcoin News

Bitcoin.com

Quontic Bank is launching 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 massive momentum both as a digital currency, an asset class, and as a store of wealth,” the CEO of the bank said.

Bitcoin Rewards Checking Account

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

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

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

How To Get Free Crypto  

The bank has partnered with NYDIG, that company that recently helped Massmutual insurance giant buy $100 million worth of BTC. NYDIG provides Quontic with 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 it does not have a minimum daily balance requirement to earn bitcoin rewards. The website further clarifies that the balances of bitcoin rewards or the cryptocurrencies in customers’ NYDIG accounts are not subject to FDIC or SIPC protections.

“Bitcoin is gaining massive momentum both as a digital currency, an asset class, and as a store of wealth,” Quontic CEO Steven Schnall commented, elaborating:

This is of particular importance today given that the federal government printed an additional $3T in money in 2020 in response to Covid-19 and the accompanying 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 which is set to launch in Q2 of 2021.”

Coinbase Banner  

Interested customers can sign up to be added to the waitlist for the bitcoin rewards checking account on the Quontic website now. However, the program will only be available to a limited number of people initially, 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 about Quontic Bank’s bitcoin rewards checking account? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons, Quontic

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Go to Source
Author: Kevin Helms


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.