American Express to Launch Crypto Rewards Credit Card This Year
Payments card services company American Express will soon be launching its first ever crypto rewards credit card.
As reported by Forbes, the credit card firm is partnering up with crypto wealth management platform Abra to issue a credit card that earning users crypto rewards on any purchase category or amount.
The crypto rewards will feature zero foreign transaction or annual fees and are tradable across the 100 virtual assets supported by Abra.
In addition, the credit card will transact in US dollars and will offer a variety of benefits from the existing American Express Network, including travel, dining and shopping promotions.
No exact launch date set yet, however it is expected that the American Express rewards card will be available by the end of the year.
Mohammed Badi, American Express President of Global Network Services said:
“This is a credit card for crypto explorers and enthusiasts alike.”
Abra Chief Executive Officer,Bill Barhydt, commented:
“[This] represents another step towards Abra’s goal of eventually offering an instant line of credit directly at the point of sale. This is the future of payments.”
The New York headquartered credit card giant joins fellow industry leaders Visa and Mastercard who have been frontrunning the support for crypto assets.
During the firm’s 2021 Q4 earnings call, Chief Executive Officer Steve Squeri said his firm to be closely watching the cryptocurrency space and said to view crypto as an asset class:
“As far as cryptocurrency goes, we watch cryptocurrencies … We think about the spectrum of digital currencies. We think about crypto. We think about stablecoins. We think about central bank digital currency [CBDC].”
The post American Express to Launch Crypto Rewards Credit Card This Year appeared first on iGaming.org.
Source: igaming
