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Finance

Fintech Firm Brex Launches Crypto Rewards Program for Business Clients

The firm's business customers include Airbnb, Carta, Classpass and Y Combinator.

By Tanzeel Akhtar
AccessTimeIconMay 12, 2021 at 3:00 p.m. UTC
Updated May 9, 2023 at 3:19 a.m. UTC
coins

Brex, a San Francisco-based financial firm, has introduced a cryptocurrency rewards program for business clients, allowing them to redeem points for bitcoin and ether.

  • The company has formed a partnership with TravelBank to offer the program, Brex said Wednesday.
  • Business clients, including Airbnb, Carta, Classpass and Y Combinator, will be able to redeem points for crypto in what Brex says is the first such program for businesses.
  • Sam Blond, Brex's chief sales officer, said the company has been considering decentralized finance and the crypto market. 
  • The company offers business credit cards and cash-management accounts and provides bookkeeping to tech firms. 
  • The addition of the new option to the rewards program, which was launched in 2018, reflects Brex’s belief that cryptocurrency will play a big role in the future of finance, the firm said.
  • The company completed the Y Combinator accelerator funding program for startups in 2017 and has raised over $940 million in venture capital.
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    • See also: Taking Stock of How Far Crypto Has Come

    Correction (May 12, 15:38 UTC): Coinbase is not partnering with Brex on the product. Users can deposit rewards into crypto wallets like those offered by Coinbase.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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