News

Abra Will Launch A Credit Card With Crypto Rewards On The American Express Network

Credit card companies are attempting to sweeten the benefits they serve their clients, and American Express is doing so through a new relationship with Abra, a crypto asset management platform and wallet provider. At Coindesk’s Consensus conference in Austin, Texas, the firms’ CEOs announced the debut of the Abra Crypto Card on the Amex network.

Abra Will Launch A Credit Card With Crypto Rewards On The American Express Network 3

According to Bill Barhydt, founder and CEO of Abra, users trading in US dollars will be able to receive cryptocurrency rewards on their purchases through the Amex network.

Abra declined to say which cryptocurrencies will be available to users in the first version of its card, which is expected to launch later this year, but Barhydt said the offering will eventually allow users to choose between cryptocurrencies and traditional rewards like entertainment and dining-related perks already available on the Amex platform.

According to him, users can select between receiving rewards in the form of Abra’s ERC-20 Crypto Perx (CPRX) token or another cryptocurrency. According to Barhydt, CPRX is a utility token with over a million holders through Abra’s own benefits program. Customers who choose to get their rewards in CPRX rather than another cryptocurrency, Barhydt, will earn a bonus from the credit card.

Card users will have to be registered with Abra

Abra Will Launch A Credit Card With Crypto Rewards On The American Express Network

The card will function by having these users apply for a line of credit, Barhydt explained. Once they start earning crypto rewards, they’ll be able to use Abra’s swap exchange to convert these rewards across different cryptocurrencies easily, he added.

“Eventually, we’re also working on a solution that will allow you to use your existing crypto balance to affect your credit line, which is something we’ll probably launch in the future. I think that’s a big benefit because a lot of crypto holders are kind of penalized when it comes to banking and credit,” Barhydt said.

The card is geared toward two different groups — crypto enthusiasts with experience, and those who are looking to enter the crypto world for the first time through a simple entry point, according to Barhydt.

“They’ll earn crypto rewards without having to convert their other assets to crypto,” he said.

Users of Amex have been waiting for this announcement for a long time, as competitors Visa and Mastercard have already launched their own crypto rewards credit cards through partnerships with digital asset companies, such as Visa’s crypto rewards card offered in conjunction with BlockFi and the Mastercard-powered card issued by crypto exchange Gemini. Brex, Venmo, and SoFi are all fintech companies that have their own cryptocurrency rewards credit cards.

Although American Express was hesitant to enter this industry, the Abra card is anticipated to be the first of many crypto-related goods to come from the corporation.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 minutes ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

34 minutes ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

1 hour ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

2 hours ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

2 hours ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

2 hours ago

This website uses cookies.