Quontic Bank becomes a pioneer FDIC-insured financial institution to launch a Bitcoin rewards checking program, as announced yesterday in a press release by PR Newswire.According to the announcement, users of this reward system would have access to surcharge-free ATMs, ApplePay, GooglePay, SamsungPay, and Zelle peer-to-peer payments at no cost. In addition, customers would also be able to earn at least 1.5% back in Bitcoins on any eligible purchases they make with their Quontic debit cards.
The bank is working with NYDIG, a Bitcoin specialist firm that would act as the custodian of the crypto asset. The bank would also be working with FIS to build a mobile app that would keep track of such Bitcoin rewards. It is expected that the app would be launched by the second quarter of 2021.
This reward system was subject to the approval of the U.S. Office of the Comptroller of the Currency (OCC). Earlier this year, the OCC had allowed banks to provide custody services for crypto assets in the country. The acting Comptroller of the agency has also hinted that more crypto-friendly policies could be on their way after the President Trump administration.
The CEO of Quontic, Steven Schnall, has said that Quontic’s new reward program is an innovative product in the traditional banking industry.
It is expected that the reward program would, currently, only be in states that NYDIG operates in. This means that the rewards are only presently open to people in Alabama, Arkansas, California, Maryland, Massachusetts, Missouri, Montana, New York, Pennsylvania, Utah, Wisconsin, and Wyoming.
source:
https://btcmanager.com/quontic-first-fdic-insured-bank-launch-bitcoin-rewards-program/
