Paystand has launched what it calls the “first business expense card with native crypto rewards,” the California B2B payments company said Wednesday (March 30).
According to a news release, the DeFi Corporate Card offers instant provisioning of virtual and physical cards, advanced spend controls, real-time expense reporting, and bitcoin rewards. The card lets businesses earn bitcoin rewards with each purchase, rather than requiring them to go back and redeem their earned points.
Instead, users can make purchases as they usually would and earn bitcoin automatically without modifying their workflows.
Read more: DeFi Player Paystand Raises $50M To Digitize B2B Payments
“We believe blockchain technology and cryptocurrency is the future of finance, and we’re excited to help businesses participate and grow in the digital economy with DeFi Corporate Card,” said Jeremy Almond, CEO and co-founder of Paystand. “By giving businesses a next-gen spend management product that solves everyday pain points and gives them exposure to crypto in the form of rewards, we enable them to participate in the open network and benefit from greater financial control over their finances.”
In addition, businesses that pay with the DeFI Cards using Paystand’s commercial payment network can avoid paying transaction fees. The cards also offer real-time tracking of transactions by class and category, and spending controls that include spending limits, merchant category codes, and auto-lock dates to help teams stay within budget.
Learn more: B2B FinTechs Add Crypto to Balance Sheet to Hedge Against Inflation, Prepare for the Future
PYMNTS spoke to Almond last year after his company had begun purchasing bitcoin and ether on its balance sheet.
“Companies are asking us more and more about what the role of crypto and blockchain is for their company,” he said. “So what we wanted to do with this announcement was describe a little bit about how Paystand thinks about it internally as a little bit of a leading indicator for how the most progressive CFOs can get ahead of where the world is going.”