Tango Card Adds Bitcoin as Latest Reward Option

Tango Card will now offer bitcoin as a reward option for recipients of its e-rewards, alongside gift cards for popular brands such as Amazon.

AccessTimeIconJun 23, 2015 at 2:00 p.m. UTC
Updated Sep 11, 2021 at 11:44 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
tango card
tango card

Venture-backed rewards-as-a-service startup Tango Card will now offer bitcoin as a reward option alongside gift cards for popular brands such as Amazon, Fandango, Starbucks and Zappos.

The reward option is the result of Tango Card's decision to integrate a new API from bitcoin merchant processing service provider Snapcard. Called the MassPay API, the platform will allow Tango Card users to select bitcoin as a desired reward on its e-reward platform, thereby sending the funds to their Snapcard wallet.

According to Snapcard co-founder Ioannis Giannaros, the partnership is just one demonstration of the API, which the company described as a back-end payments management system to complement its front-end tools for accepting bitcoin, litecoin and other cryptocurrencies.

Giannaros told CoinDesk:

"We helped Tango Card integrate and then, after building the API, we recognized that this had better implications and use cases for large enterprises."

The MassPay API, according to the company, allows merchants to hold funds in US dollars, Australian dollars, Canadian dollars and euros, before converting those funds into bitcoin and sending payments to SMS phones and email addresses via an API call.

Fund recipients will then be able to cash out bitcoin in 15 local currencies through instant and next-day transfers from the Snapcard wallet for a 0.25% fee.

For now, however, Tango Card VP of partnerships Nat Salvione suggested his company will focus on bitcoin as a means to improve its rewards platform.

“Bitcoin is a fantastic addition to our rewards catalog,” Salvione said. “It is truly frictionless, global and, most importantly, desired by the participants in our customers rewards programs."

Tango Card has so far raised $10.3m in three rounds, with its most recent $3.3 Series B taking place in early 2014.

Gift box image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.