Is my bitcoin rewards account FDIC insured?
The checking account and the money in your checking account are FDIC insured, but the bitcoin held by NYDIG, is not FDIC insured.
What if bitcoin/cryptocurrency becomes illegal?
There is no indication that any U.S federal or state government agency, regulator, or law enforcement agency has taken this position or has indicated that it plans to do so. Moreover, on July 22, 2020, the US Office of the Comptroller of the Currency published a letter clarifying national banks’ and federal savings associations’ authority […]
How do I redeem my bitcoin rewards for cash?
To redeem your bitcoin for cash, submit the request using the Bitcoin Rewards Redemption form, found in the Online Banking website under Self Service > Forms. On a daily basis, you may redeem your total bitcoin rewards balance as of the end of the prior business day. All requests for redemption must be received by […]
Is there a fee to redeem my bitcoin?
NYDIG charges a 2% fee to redeem your bitcoin into cash. This will be deducted from the proceeds of the redemption before NYDIG transfers the proceeds to your Bitcoin Rewards Checking account with Quontic. Quontic does not charge any additional fees to redeem your bitcoin.
What is the Bitcoin Rewards Checking account?
The Bitcoin Rewards Checking account is a checking account at Quontic Bank that allows you to earn rewards with each Qualified Point of Sale (POS) purchase with your Quontic debit card that will be converted to bitcoin.
How do the rewards accrue?
On a daily basis, 1.5% of each Qualified Point of Sale (POS) purchase with your Quontic debit card will accrue in US dollars and then be used to purchase Bitcoin on your behalf on the following business day at 4pm London Time. As long as you continue to make qualifying purchases with your Quontic debit […]