In a holiday season that’s seeing Bitcoin’s value rise, a New York-based community bank is allowing customers to earn Bitcoin rewards through a traditional checking account.

Why should we care?
A new openness among traditional financial institutions to Bitcoin is fueling enthusiasm about the cryptocurrency’s recent rally. Just last week, insurer MassMutual bought $100M of bitcoin for its general investment account. Quontic says it focuses on understanding and serving “the underdogs,” including entrepreneurs, gig-economy workers, and immigrants. For the Bitcoin rewards checking account offering, it’s partnering with fund management company NYDIG which will offer a secure custody platform. The bank is also tapping core banking provider FIS on the mobile experience. The Bitcoin rewards account will allow customers to earn 1.5% in Bitcoin on eligible debit card purchases. “I think this program is going to cause waves in the industry; as consumers recover financially from Covid, we’re creating an opportunity for all of them to use crypto as an asset class, and as a store of wealth,” Quontic CEO Steve Schnall wrote on LinkedIn.