American Express looks set to debut its first crypto rewards credit card. The payments giant announced the news earlier this week at the Consensus cryptocurrency conference in Austin, TX.
American Express Announces First Crypto Rewards Credit Card
Cryptocurrency rewards are becoming more commonplace with credit cards. The Upgrade Visa® Card with Bitcoin Rewards was the first major crypto card on the market. Others, such as BlockFi and Gemini, followed suit. Now American Express looks set to join in on the crypto revolution with a new credit card with Abra.
About the New Amex Crypto Card
Amex announced the new partnership with crypto wealth manager Abra at the Consensus cryptocurrency conference in Austin, TX. The new card, the first crypto cash back card to use the Amex payment network, will transact in U.S. dollars and offer crypto back on any purchase category and amount. The card is expected to roll out later this year.
According to Abra, the upcoming crypto rewards will be tradable across over 100 different cryptocurrencies supported by Abra with no foreign transaction fees and no annual fee. In addition, the card will provide several benefits from the American Express payment network, including offers for shopping, travel, dining, and Amex’s purchase protections.
“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,” said Mohammed Badi, President of Global Network Services at American Express, regarding the news.
Abra is a Silicon Valley fintech with notable investors, including Digital Currency Group, Pantera Capital, and the Stellar Development Foundation. The self-described “crypto bank” and member of Forbes’ “Next Billion-Dollar Startups 2021” list currently boasts more than two million customers. The fintech firm has processed more than $2 billion in crypto-backed loans to retail and institutional clients.
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