Deserve launched a Visa credit card in partnership with cryptocurrency financial services provider BlockFi in July. The card allows customers to earn rewards in the form of bitcoin.
Visa chose Deserve last year as a partner for its Fintech Fast Track program, which supports digital payment innovation, according to the statement
Mastercard previously invested in Palo Alto, California-based Deserve in June in a $50 million funding round that valued the company at more than $500 million, according to Bloomberg.
Visa also joins additional investors including Goldman Sachs Asset Management and Mission Holdings
Transaction volume for the card is approaching $2 billion on an annualized basis, and BlockFi cardholders are projected to spend roughly $30,000 per year, 50% above that of average credit card holders, Deserve’s co-founder and CEO Kalpesh Kapadia told Bloomberg.