Quontic Bank Launches First-Ever Bitcoin Rewards Checking Account

Rhea-AI Summary

Quontic, an adaptive digital bank, has launched the first-ever FDIC-insured Bitcoin Rewards Checking account in the U.S. Customers can earn 1.5% in Bitcoin on eligible debit card purchases. The program includes a debit card, mobile app, and access to over 90,000 surcharge-free ATMs, all with no monthly service fee. Quontic has partnered with NYDIG for secure Bitcoin management and FIS to enhance the digital experience. Initial access is limited to select states, with wider availability expected in the future.

Positive

• First FDIC-insured Bitcoin Rewards Checking account in the U.S.
• Earn 1.5% Bitcoin on eligible debit card purchases.
• No monthly service fees associated with the account.
• Partnerships with NYDIG and FIS to enhance service offerings.
• Quick account setup process, requiring only three minutes.

Negative

• None.

NEW YORK, Dec. 15, 2020 /PRNewswire/ -- Quontic, the adaptive digital bank, today is introducing Bitcoin Rewards Checking. 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.* Visit bitcoinrewards.quonticbank.com/signup to get started.

With this new rewards program, both crypto enthusiasts and crypto beginners can have the opportunity to grow their net worth via Bitcoin earned on eligible debit card purchases. In addition to earning 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. Accounts take only three minutes to open.

"Quontic is excited to be able to offer our customers the opportunity to earn Bitcoin as a reward and build wealth simply by swiping a debit card," said Steven Schnall, CEO & Founder of Quontic. "Bitcoin is gaining massive momentum both as a digital currency, an asset class, and as a store of wealth. 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. The debut of our Bitcoin Rewards Checking account is groundbreaking and will serve a substantial purpose."

Quontic is partnering with NYDIG, a leading financial services firm dedicated to Bitcoin, which will provide Quontic with a secure custody platform to manage the Bitcoin rewards. Quontic leveraged NYDIG's platform for secure custody, execution, and reporting services that meets the highest regulatory, audit, and governance standards. Additionally, Quontic has partnered with FIS® (NYSE: FIS), a global leader in financial services technology, to build an enhanced digital experience and mobile app with robust bitcoin rewards tracking, reporting and functionality which is set to launch in Q2 of 2021.

"FIS is excited to partner with Quontic Bank to bring this groundbreaking solution to market," said Rob Lee, Head of Digital and Banking at FIS. "Beyond the ability to earn and redeem rewards points based in Bitcoin, the new checking account will provide crypto enthusiasts the convenience and flexibility of doing their checking entirely via a mobile app. Quontic Bank is inventing the future, and we expect to see many other banks, both large and small, follow in its footsteps in the year ahead."

Quontic will be extending a limited number of invitations to apply to its new Bitcoin Rewards Checking program with its initial launch, with increased availability in the coming months. Only residents of Alabama, Arkansas, California, Maryland, Massachusetts, Missouri, Montana, New York, Pennsylvania, Utah, Wisconsin, and Wyoming are currently eligible to apply.

About Quontic:
Quontic is the adaptive digital bank that empowers its customers financially while embracing their diverse circumstances. Quontic's disruptive banking platform reimagines traditional banking with adaptive lending and innovative deposit products that transcend legacy banking inequities. Quontic's mission to break the system for financial empowerment stands in the face of big banks and proves there is a better and more equitable way to put the customer first. The bank focuses on truly understanding and serving the underdogs, entrepreneurs, gig-economy workers, immigrants, and more with a curated banking experience as opposed to a one-size-fits-all banking approach. Quontic is a privately held company based in New York, New York. Learn more at QuonticBank.com. Follow and connect with Quontic on Facebook and Instagram.

Contact
Lindsay Levitts
lindsayl@kelandpartners.com

*Only Qualifying Point of Sale Debit Card Transactions are eligible debit card purchases.  Please visit bitcoinrewards.quonticbank.com/signup for more information.

 

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SOURCE Quontic

FAQ

What is Quontic's new Bitcoin Rewards Checking account?

Quontic's Bitcoin Rewards Checking account allows customers to earn 1.5% Bitcoin on eligible debit card purchases.

When was the Bitcoin Rewards Checking account launched by Quontic?

The Bitcoin Rewards Checking account was launched on December 15, 2020.

Which states are eligible for Quontic's Bitcoin Rewards Checking account?

Currently, the account is available to residents of Alabama, Arkansas, California, Maryland, Massachusetts, Missouri, Montana, New York, Pennsylvania, Utah, Wisconsin, and Wyoming.

What is the partnership between Quontic and FIS?

Quontic partnered with FIS to create an enhanced digital experience and mobile app for tracking Bitcoin rewards.

How quickly can customers open a Bitcoin Rewards Checking account with Quontic?

Customers can open the account in just three minutes.