Quontic Bank Launches World’s First Bitcoin Rewards Checking Account

Adaptive digital bank Quontic announced the launch of its Bitcoin Rewards debit card today, enabling its clients to earn 1.5% back in Bitcoin on eligible purchases.

In addition to earning 1.5% in Bitcoin on purchases, Quontic’s new Bitcoin Rewards Checking program will offer consumers a debit card, mobile app, and access to over 90,000 surcharge-free ATMs. Consumers will also be able to use the debit card with various payment methods, including ApplePay, GooglePay, SamsungPay, and Zelle peer-to-peer payments.

The accounts will have no service fee and will take only three minutes to open, the bank said in a press release published on 15 December.

Quontic said it partnered with NYDIG, a leading financial services firm focused on Bitcoin, to gain access to its secure custody platform to manage the Bitcoin rewards. Alongside NYDIG, the bank also partnered with FIS, a global financial services company, to build the platform’s mobile app. The mobile app, which will offer robust bitcoin rewards tracking and reporting, is set to launch in Q2 2021.

Upon launch, the program will only be available to a limited number of users in certain areas of the United States. Only residents of Alabama, Arkansas, California, Maryland, Massachusetts, Missouri, Montana, New York, Pennsylvania, Utah, Wisconsin, and Wyoming are currently eligible to apply. The platform will see increased availability in the coming months, the company claimed.

Steven Schnall, the founder and CEO of Quontic, said Bitcoin was gaining “massive momentum” in response to the $3 trillion the U.S. Federal Reserve printed this year, and the new program was in response to that.

“The debut of our Bitcoin Rewards Checking account is groundbreaking and will serve a substantial purpose,” he said in the release.