Brex Launches Crypto Rewards Program

Brex Card has recently announced that it will be putting into place a rewards program that will reward its members with either Bitcoin or Ethereum, as opposed to miles or something similar that is offered in other rewards programs.

Bitcoin, and other cryptocurrency systems are optimized for the online world. And Brex will become one of the first entities that will be offering crypto’s as rewards to their clients, a further step into mainstreaming cryptocurrency.

What is Brex?

The first question some of you may be having is, what is Brex? In short, Brex is an all-in-one financial services provider for small and medium businesses. Brex offers business credit cards and cash management accounts to technology businesses.

In essence, they are business charge cards which require at least $50,000 in a bank account if professionally invested, and $100,000 if not. Cardholders who default also won’t have their personal credit damaged either.

Brex cards also don’t have any interest rates attached to them, but it does need to be linked to an account for automatic withdrawals, which are done every month in full.

Brex has become incredibly popular in the world of small and medium businesses due to the number of benefits it offers. As mentioned already, there are no interest fees, and also there is no credit score check required when applying for one.

The application process and review is done in a matter of minutes, no waiting around for days or weeks on end, you can also use the card instantly virtually. There are no foreign transaction fees, and it is accepted in over 200 countries. You can see why it has become so popular.

Rewards Program

The rewards program started back in 2018 when Brex partnered up with TravelBank, for its travel booking platform called Brex Travel. TravelBank in turn partnered with Coinbase, a platform for buying, selling and trading cryptocurrency.

The way the rewards program works is pretty simple, Brex offers users points for spending money and using their cards on certain things. For instance, you get 7 points for every $1 spent on taxis or rideshares, or 3 points for every $1 spent at restaurants or on Apple products.

Brex works in combination with MasterCard, hence how they are able to set up these types of rewards. You earn these points through spending, and you can then redeem these points for either Bitcoin or Etherium, which will be deposited into your Coinbase wallet that you would have created.

You don’t have to redeem your points just for crypto’s either, you can book travel through their Brex Travel platform, redeem points for gift cards, as well as redeem points for cash back that will be put right back into your account.

Effects on Crypto

The impact this type of program has on the world of crypto is actually way bigger than you might think. Considering how widely available the Brex Card has become, this type of system will be putting more crypto into many, many more pockets.

Crypto has boomed in the past couple of years, with everyone from your doctor, to child’s teacher, to your grandmother all getting involved in the world of virtual coins. However, the boom hasn’t made crypto’s more mainstream, with Fiat currency obviously still being king.

There was a change a few months ago however with Elon Musk and Tesla announcing they would be accepting Bitcoin as payment for a vehicle, this has apparently been thrown away though due to Musk’s concerns about the environmental impact. Therefore, the biggest step into the mainstream has now disappeared.

What Brex is doing is showing that there are multiple ways to include cryptocurrency into your business, and by all accounts, giving your clients something they may want, cryptocurrency.

This could also be the way businesses start integrating crypto;s into their framework as well, adding cryptocurrency into their reward program, allowing you to earn a small amount of crypto’s for investing with them, or for shopping at their store. Imagine earning crypto’s just by doing your weekly grocery shopping?

As mentioned, this type of rewards program also allows more and more people to get into the world of crypto’s who may not have considered it before if they didn’t know how it worked or how to go about starting to invest.

This type of rewards program is most definitely something that can be copied by other financial institutions, and not just for businesses either, making crypto’s a reward for individuals as well, considering the mass popularity cryptocurrency has nowadays, it would be a very smart move.

Either way you look at it, this could very easily have been one of the smartest moves Brex could have made, pivoting on the fact that cryptocurrencies have become so popular and slowly making their way into the mainstream.

It is only a matter of time before other businesses follow suit at this point, and Brex has made themselves the world leader with something that is clever, easy, and appealing to every kind of business and business owner.