According to a joint statement made at this week’s crypto conference Consensus in Austin, American Express is launching its first-ever crypto rewards credit card as part of a collaboration with Abra.
To be sure, this news follows in the footsteps of Visa and Mastercard, two of the most well-known credit card companies, but it’s still a significant step toward mainstreaming crypto payments. According to data from earlier this year, there are more than 60 million AmEx cardholders. Now, the network will provide direct bitcoin benefits for the first time ever with an Abra partner card.
The ‘Abra Crypto Card’ was officially launched today at the annual Consensus event in Austin, Texas, and will give crypto rewards for every purchase category and quantity. “Crypto Perx (CPRX)” is Abra’s platform token, and it’s planned to be used in conjunction with a number of other top tokens. Abra’s team celebrated by announcing that their app will enable NFT custody and gallery views in addition to the American Express release.
“Deep knowledge in both crypto and conventional financial services,” according to American Express Global Network Services President Mohammed Badi, makes Abra a suitable partner for the attempt.
Although Visa and Mastercard are two of the most well-known credit card brands, don’t discount American Express, which is third in terms of card issuance after Citibank, Chase, and the two aforementioned giants. AmEx has built out a long-term niche for itself by catering to high-rollers and rewarding them accordingly.
Per the press announcement, perks from AmEx’s network will be available via the Abra card, including “Amex Offers” such as “pre-sales ticket access,” “Global Dining privileges,” and “buy insurance,” among others.
There is a rising number of crypto-native card issuers providing crypto incentives, such as BlockFi, Gemini, Nexo and others. Crypto reward cards have been offered by even non-crypto firms, such as Venmo and SoFi.
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