Japanese crypto exchange Bitbank has launched a crypto-linked credit card that allows users to pay their bills using assets held on its exchange, marking a first for the domestic market, the company said.
In a Monday press release, Bitbank said it partnered with EPOS Card, Marui Group's fintech arm, to roll out the Visa credit card, "EPOS Crypto Card for Bitbank." The company described the product as the first service in Japan that enables credit card payments to be settled directly from balances held at a crypto exchange.
Users of the crypto card can opt to have their credit card bills automatically settled in bitcoin (BTC) from their Bitbank accounts. For now, the feature is limited to bitcoin.
Cardholders will also have access to crypto cashback, earning 0.5% crypto rewards based on monthly spending. They can choose to receive rewards in bitcoin, ether, or Aster. The rewards will be deposited into users' Bitbank accounts, the release said.
The two will consider expanding support for a wider range of cryptocurrencies, according to the press release.
Bitbank's credit card launch follows a similar move by Binance, which rolled out its "Binance Japan Card" in January. The Binance credit card allows users to earn BNB from their card spending.