Visa Cryptocurrency Partners

Crypto Rewards Programs May Help Mainstream Digital Assets

Crypto Rewards Programs May Help Mainstream Digital Assets
Written by publishing team

  • The new Anda Bank in the US is introducing a simple onramp program for cryptocurrency aimed at Hispanic users.
  • Latin America leads in cryptocurrency ownership – 30% of adults in the region own digital assets.
  • Insider Intelligence publishes hundreds of insights, charts, and predictions about the Fintech industry. Learn more about becoming a client.

News: Assembled Financial, a subsidiary of Assembled Brands, has created Anda, California

digital bank only

It targets Hispanic consumers and promotes a rewards program focused on cryptocurrency.

Adults around the world who own cryptocurrency by region scheme

Informed Intelligence

How it works? According to CEO Michael Kessler, the goal at Anda is to bridge the gap between “everyday banking and cryptocurrency frontiers, all in one app.”

When an Anda account holder makes a deposit, they are rewarded with Moves tokens.

Installing their Moves Tokens – that is, locking their coins to support the underlying blockchain network – allows users to double the number of tokens they receive in a year.

Anda bank account is a deposit account provided through a partnership with South Dakota-based MetaBank.

What need do you meet? The Hispanic community is one of the fastest growing demographics in the United States — yet college-educated Latinos are three times more likely to be underfunded than their white counterparts, according to the Federal Reserve. About 10% of Hispanic adults are unbanked, and another 22% are underbanked. There are only 29 Hispanic-owned or Hispanic-led banks in the United States.

Challenges Hispanics face in the US banking market include over-reliance on it


Financial institutions – especially for sending remittances abroad – and regulations with limited services in languages ​​other than English.

The trend toward hyper-segmentation in the marketing of financial services has prompted companies to launch several offerings designed specifically for Latinos and people of color.

For example, SoFi’s Galileo unit teamed up with LendingClub in May to launch a Miami-based shopping mall


Fortú, which targets Latinos with poor banking.

Other new entrants specifically targeting disadvantaged Latinos and people of color in their marketing include Dora Bank and Greenwood.

Why Angle Encoder? A recent study by Visa on consumer attitudes toward cryptocurrency indicates that fintech companies like Anda that provide an easy way to trade cryptocurrency are on the right track:

  • Consumers were less interested in using cryptocurrency to purchase goods and services than using crypto-linked cards – and more interested in earning crypto rewards (57% total).
  • While white people in the US account for more than half of cryptocurrency owners, non-white consumers are the most engaged with cryptocurrency. Non-white consumers represent a larger proportion of the crypto sector (47%), which indicates a significant growth opportunity.

Many Latino consumers say sending remittances to Latin America is an important financial service for them, and Latin America leads in cryptocurrency ownership – 30% of adults in the region own digital assets.

In an interview with Insider Intelligence, Sebastian Vidal, CEO of startup accelerator Parallel18 based in Puerto Rico, pointed to the massive remittance market between Latin America and the United States as an area ripe for crypto disruption.

A recent study by PYMNTS also found a growing interest in using cryptocurrencies for cross-border transactions.

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