Fidelity (FIS), Quontic Bank Team Up for New Bitcoin Offering

Fidelity National Information Services FIS recently announced that it has joined forces with Quontic Bank to offer its new Bitcoin Rewards Checking account. The Quontic Bank mobile app for the service is likely to be rolled out in the second quarter of 2021.

The latest offering makes Quontic Bank the first Federal Deposit Insurance Corporation (FDIC) insured financial institution to have a Bitcoin Rewards debit card. The cardholders will be able "to earn 1.5% Bitcoin back on eligible debit card purchases."

Rob Lee, head of digital and banking at Fidelity National Information, said, "Beyond the ability to earn and redeem rewards points based in Bitcoin, the new checking account will provide crypto enthusiasts the convenience and flexibility of doing their checking entirely via a mobile app. Quontic Bank is inventing the future, and we expect to see many other banks, both large and small, follow in its footsteps in the year ahead."

Fidelity National Information’s Digital One solution is being used by Quontic Bank to develop the mobile app for this service. The app is aiming to provide a seamless experience to the customers for Bitcoin rewards tracking, reporting and functionality. The new app will allow cardholders to manage their accounts on smartphones or tablets. Further, Quontic is teaming up with financial services firm — NYDIG — to provide safe and secure custodial services for managing the rewards.

By collaborating with Quontic Bank to offer this service, Fidelity National Information's position as one of the foremost players in the financial transaction services will be further strengthened, which will aid the company to continue serving its customers more efficiently.

Shares of Fidelity have appreciated 4.2% over the past year, underperforming the industry's growth of 7.4%.

Currently, Fidelity National Information carries a Zacks Rank #3 (Hold).

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