A new Visa is set to offer Canadians the ability to earn rewards in the form of bitcoin. Bigg Digital Assets (CSE: BIGG) this morning revealed that its subsidiary Netcoins, an online crypto brokerage, will enable consumers to earn bitcoin rewards on their Canadian dollars spent at retailers.
Labelled as Netcoins Pay, the Visa is effectively a pre-paid card. Consumers will be able to conduct transactions utilizing the Canadian dollars held in their Netcoins account. If there are no Canadian dollars in the account, users will be required to sell their crypto held in the account for Canadian fiat in order to conduct transactions.
Rewards are set to be earned in Canadian dollars, and then converted to bitcoin at intervals defined by Netcoins. The first three months will see users earn 3% bitcoin back on transactions, however the firm has capped this reward to C$100 in value, after which rewards will be earned at a rate of 1%.
The arrangement will also reportedly see the prepaid cards have Apple Pay and Google Pay support, with consumers having the choice of receiving a physical card or using a virtual card. The card is currently in a beta release ahead of a wider rollout.
Bigg Digital Assets last traded at $1.21 on the CSE.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
