FIS Taps Quontic Bank for Powering Industry-First Bitcoin Rewards Checking Account

Fidelity National Information Services, Inc. ("FIS", NYSE: FIS) announced that it is partnering with Quontic Bank to deliver its new Bitcoin Rewards Checking account launched on Tuesday.

With this announcement, the New York-based digital bank becomes the first FDIC insured financial institution in the U.S. to go live with a Bitcoin Rewards debit card, which allows holders to earn 1.5% Bitcoin back on eligible debit card purchases.

Quontic is using the FIS Digital One solution to provide a mobile app with a leading-edge digital experience that will enable robust Bitcoin rewards tracking, reporting and functionality. The new Quontic app, which is targeted to launch in Q2 of 2021, will enable cardholders to open and manage accounts via the app on their smartphones or tablets. Quontic is partnering with financial services firm NYDIG to provide a secure custody platform for managing the Bitcoin rewards.

"This new Bitcoin Rewards Checking Account is another way that Quontic Bank is delivering innovative and useful products to our customers," said Steven Schnall, CEO & Founder of Quontic. "As Bitcoin continues to gain usage and acceptance as a digital currency, our new rewards checking account provides customers a way to build wealth simply by swiping their debit card."

Rob Lee, Head of Digital and Banking at FIS added: "FIS is excited to partner with Quontic Bank to bring this groundbreaking solution to market. Beyond the ability to earn and redeem rewards points based in Bitcoin, the new checking account will provide crypto enthusiasts the convenience and flexibility of doing their checking entirely via a mobile app."