A new fintech venture is bridging the gap between traditional credit and digital assets. Blockrize, a San Francisco-based startup, has unveiled plans for a credit card that pays users 1% of every purchase in either Bitcoin (BTC) or Ethereum (ETH), effectively replacing conventional cashback rewards with cryptocurrency.
How the Crypto-Back Card Works
According to founder and CEO Thomas Harrison, the Blockrize card functions much like a standard credit card but distinguishes itself through its reward mechanism. After each transaction, users automatically receive cryptocurrency equivalent to 1% of the purchase amount. They can choose between Bitcoin and Ethereum as their preferred reward asset, with no additional fees for crypto management. Harrison, formerly head of operations at the defunct polling app Whatsgoodly, believes this model will appeal to consumers seeking exposure to digital assets without direct investment risks.
The company’s website highlights the potential upside using historical data: a typical user spending $1,250 per month would earn $150-300 in traditional cashback over a year. If the same spending occurred in 2017 using the Blockrize card, the 1% crypto back would have been worth $998 in Bitcoin or $2,487 in Ethereum due to price appreciation. This translates to an effective cashback rate of 6.7% for BTC and 16.6% for ETH, far exceeding the 1-2% offered by most competing cards.
Team and Development Status
While Harrison is the only full-time employee currently running day-to-day operations, he has assembled a team of advisors and technical partners. They include Zak Allen, lead fintech engineer at Shogun Enterprise; Alex Atallah, cofounder of peer-to-peer marketplace OpenSea; and Jonathan Gelfand, managing partner at Card Linq. The startup has already accumulated over 2,000 individuals on the waiting list, indicating strong early interest.
Harrison acknowledges the volatility risk associated with cryptocurrency rewards. “If prices go down, I do anticipate some people will be upset,” he told Market Watch. However, he argues that the long-term growth potential of digital assets outweighs short-term fluctuations, and the card’s no-fee structure ensures users keep 100% of their earned crypto.
Industry Implications
Blockrize’s model represents a natural evolution of credit card rewards, shifting from depreciating fiat-based cashback to assets with potential for appreciation. The product also faces regulatory hurdles, as issuing institutions must ensure compliance with banking and securities laws regarding digital asset distribution. If successfully launched, Blockrize could inspire other fintech firms to integrate cryptocurrency rewards into mainstream financial products, further accelerating the adoption of digital currencies in everyday transactions.
With a growing waitlist and an experienced team, Blockrize is positioning itself at the forefront of the crypto-fintech intersection. The card’s actual launch date and regulatory status remain undisclosed, but the concept has already generated significant buzz in both traditional finance and cryptocurrency communities.