According to Bloomberg’s report, payment giant Visa has invested in Deserve, a Palo Alto-based credit card technology provider.
There was no explanation about the amount of the investment.
Visa has previously participated in the company’s financing round and contributed to the company’s value increase to $ 500 million.
The fintech startup that emerged last December has partnered with Visa and BlockFi to launch a card that awards Bitcoin (BTC) rewards.
The product was launched in July and users are 1% off what they spend. They started buying back 5% crypto.
According to BlockFi CEO Kalpesh Kapadia, customers spend 50% more than the average cardholder. The transaction volume of the card is approaching 2 billion dollars.
AJ Shanley, head of Visa’s crypto business, said the company will continue to work on crypto-based card programs:
“We are excited about our new investment and partnership with Deserve. Together we look forward to continuing the adoption of crypto-backed card programs.”
