BlockFi is getting ready to launch a bitcoin rewards credit card this year as it continues to build a more complete suite of financial services and draw more consumers into the cryptocurrency market.
The 2-year-old company, which began as a provider of U.S. dollar loans backed by cryptocurrency, launched a high-interest deposit account and trading functionality in 2019. The company sees the card as something that will cater to current crypto investors as well as “non-owners,” founders Zac Prince and Flori Marquez said in an email to clients Wednesday.
“You’ll be able to spend money on your BTC rewards credit card like you normally do, except instead of earning airline miles or cash-back, you’ll be able to earn an industry-leading, BTC cash-back rate on every transaction that you make with the card,” they said.
Companies like BlockFi and the bitcoin-backed rewards app Lolli see the integration of different cryptocurrency products and services alongside traditional financial services as a big driver of mainstream crypto adoption in 2020. Bitcoin itself was created to be a global form of digital cash, but in the West, the adoption of bitcoin and most other cryptocurrencies has been focused on investing. Providing a way to easily earn bitcoin without having to actually invest their own money in it — and through everyday behavior and habits they’re already familiar with like swiping a credit card or buying something online with dollars — should lower the barrier to entry for new crypto investors and could make the concept of getting cryptocurrency less intimidating.
“We want to be able to market to people that don’t have cryptocurrency yet,” Prince said in an interview with Cheddar last month. “We want to be a place where they can take that first step into the crypto ecosystem.”
BlockFi raised an $18.3 million in Series A funding round in August from Valar Ventures, Winklevoss Capital, Galaxy Digital and ConsenSys Ventures, among others, and has reportedly doubled its valuation over two months since.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
