New York’s Quontic Becomes First US Bank to Offer a Bitcoin Rewards Debit Card
New York-based Quontic Bank has become the first FDIC-insured financial institution to launch a bitcoin rewards checking program.
Announced Tuesday, the program includes a bitcoin (BTC, +2.29%) rewards debit card (1.5% back), mobile app, access to ATMs, and mobile payments options like Google Pay and Apple Pay.
The bank had to receive approval from the U.S. Office of the Comptroller of the Currency (OCC). In July, the OCC issued a letter enabling nationally chartered banks in the U.S. to provide custody services for cryptocurrencies. Acting Comptroller Brian Brooks has hinted at more “good” actions on crypto by the end of Trump’s term.