Cryptocurrency rewards
Overview
Brex partners with TravelBank and their cryptocurrency exchange platform Coinbase to provide the near-real time price of Bitcoin (BTC) and Ethereum (ETH) in the Brex dashboard.
Set up your Coinbase wallet
To redeem Brex rewards points for crypto, you first need a Coinbase wallet. To set one up, follow the steps below. Step 1: Follow the instructions here and confirm your account. Step 2: Sign in to your Coinbase account and click Send/Receive in the top right corner of your screen. Step 3: Click Receive in the in-app module. Step 4: Select Bitcoin or Ethereum from the Asset field. Step 5: Copy the alphanumeric address and paste that address into the Where to Transfer field on your Brex dashboard. Step 6: Complete the transaction.
Redeem your points
Account or card admins can redeem rewards points for crypto from the Brex dashboard. Step 1: Navigate to the Rewards tab on the dashboard and select Marketplace. Here, you will see the number of Brex rewards points you’ve accrued. Step 2: Under Redemption options, locate Cryptocurrency and select Redeem. Step 3: Select Bitcoin or Ethereum and enter the number of points you want to convert to crypto— the minimum is 1,000 points — and this will populate the price, fees, and amount of either asset you will receive. Note: The amount of crypto you’ll receive for your points is not estimated until you finalize your redemption transaction. Step 4: Next, enter an external wallet address to which the redeemed crypto will be delivered. This wallet should be associated with your business. Whoever owns that wallet and maintains the private keys to that wallet will own the crypto you’ve redeemed with points. If you do not have a crypto wallet, you can select Get wallet on the right to create one for free via Coinbase. Step 5: Review your selected number of points, conversion rate, and fees, and then select Redeem. The amount of crypto you will receive is locked in at this point. Step 6: Your crypto will appear in your wallet within one hour. Note: Crypto rewards redemption is a non-reversible transaction.
Prices
Prices are updated every minute. As a result, there may be a slight difference between the price of an asset in your dashboard and the real-time price you may find by visiting a cryptocurrency exchange platform directly. Your Brex points will be redeemed at the price displayed when you complete your transaction.
Fees
When redeeming rewards points for either Bitcoin (BTC) or Ethereum (ETH), a network fee is charged to reward crypto miners. This fee ensures that transactions are processed on cryptocurrency networks. Brex has no control over this fee.
Tax implications
Your wallet provider may provide you with Form 1099-B based on the Form W-9 information you provided in the wallet app. It is your responsibility to determine any tax impact of your crypto transactions. Brex cannot provide tax advice. For additional reading, you can view a third-party guide to 2020 cryptocurrency taxes here.
Reversals
Crypto transactions on the Bitcoin and Ethereum networks are, by design, irreversible. This means you cannot reverse or cancel a completed transaction for any reason. It is the responsibility of each Brex customer to ensure that the wallet address is correct when redeeming points for Bitcoin (BTC) or Ethereum (ETH) rewards. Neither Brex nor our partner is able to reverse any completed transactions for any reason.
Point requirements
The maximum number of rewards points that can be redeemed for crypto is 1 million points. You must redeem a minimum of 1,000 Brex points per rewards transaction.