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American Express announces first crypto rewards credit card on its network

By Nithya Bose in Business News, posted June 18, 2022

American Express has announced it is to launch the first crypto rewards credit card on its network.

The card, created in collaboration with cryptocurrency wallet service Abra, will transact in US dollars and offer cryptocurrency back on any purchase category and amount.

With no yearly or international transaction fees, the crypto awards will be convertible across over 100 different cryptocurrencies offered by Abra.

Mohammed Badi, President of Global Network Services at American Express said: “We’re thrilled to combine the strength of our payments network with Abra’s innovation and expertise in crypto. This is a credit card for crypto explorers and enthusiasts alike.”

Furthermore, the card will provide various American Express Network perks, such as incentives for shopping, travel, and eating, as well as Amex's purchase safeguards.

The Abra crypto card is the latest in a long line of products offered by cryptocurrency firms on major payment networks, including the Gemini crypto card, which gives rewards in the form of bitcoin and over 60 other cryptocurrencies, and the BlockFi rewards Visa card.

American Express sent its first check to Abra in 2015. The Mountain View, California-based company claims to have handled over $2 billion in crypto-backed loans for retail and institutional clients.

Abra’s CEO Bill Barhydt stated that the new joint venture “represents another step toward Abra’s goal of eventually offering an instant line of credit directly at the point of sale. This is the future of payments.”

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Today, the company also introduced a new tool in the Abra app that allows users to purchase and trade NFTs with managed custody.

Users will be able to purchase and sell digital collectibles directly from Abra's platform, rather than financing DeFi wallets and switching between multiple software interfaces to buy and sell NFTs from markets like OpenSea.

In April, the business announced the opening of a capital-management arm with five funds exposing authorised investors to bitcoin, ether, and other cryptocurrencies for investments of at least $250,000.

Source: Forbes

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