BlockFi plans to launch the first encrypted Visa credit card in the United States next year

Visa and BlockFi are teaming up to launch a new credit card that rewards users with bitcoin, laying the groundwork for wider adoption of the mainstream digital currency, according to Bloomberg.

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BlockFi is a New York-based startup specializing in crypto-backed loans and savings accounts. On Tuesday, the company announced the partnership.

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BlockFi said in a statement that the new credit card will reward purchases in bitcoin, rather than airline miles or other cash rewards. Cardholders who spend more than $3,000 in the first three months will be eligible to receive 1.5% of their purchases back in bitcoin.

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The card has an annual fee of $200 and will be issued by Evolve Bank & Trust.

While the credit card will be available to the public in early 2021, BlockFi account holders can sign up early.

“We’re excited to add credit cards to our product suite and bring bitcoin to a broader consumer base,” said BlockFi CEO and founder Zac Prince.

The partnership with BlockFi is part of Visa’s fintech fast-track program, which aims to speed up the integration process with the credit card network.

This isn't Visa's first foray into cryptocurrencies.

Earlier this year, Visa partnered with digital startup Fold to launch a debit card that earns cryptocurrency-based rewards, Bitwitter reported.

In February, Coinbase and Visa announced the launch of the Coinbase Card, which allows users to spend bitcoin with a Visa debit card.

Currently, there are more than 25 cryptocurrency wallets connected to Visa's system.

The credit card company is also helping to develop regulations for digital assets around the world, including working with the World Economic Forum to advise on the use of central bank digital currencies.

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