According to a joint announcement made at this week’s crypto conference Consensus in Austin, American Express is launching its first-ever crypto rewards credit card in collaboration with Abra.
The statement follows in the footsteps of other big credit card companies such as Visa and Mastercard, but it is still a significant step forward in the integration of crypto into the present credit card ecosystem. According to estimates from earlier this year, AmEx has over 60 million cardholders, and for the first time ever, the network will offer direct bitcoin incentives for shopping with an Abra partner card.
Abra and American Express have teamed up.
According to the official press release, the ‘Abra Crypto Card’ was revealed today at the annual Consensus event in Austin, Texas, and will offer crypto rewards for every purchase category and quantity. Abra’s platform token, ‘Crypto Perx’ (CPRX), is planned to be used alongside a variety of top tokens (as of yet unannounced) as a means of collecting incentives. The announcement from American Express was followed by news that Abra’s app would offer custody and gallery views of NFTs, making it a significant day for the Abra team.
According to Mohammed Badi, head of Global Network Services at American Express, Abra provides “strong knowledge in both crypto and traditional financial services,” making them a good fit for the project.
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Although Visa and Mastercard are two of the most well-known credit card brands, don’t overlook American Express, which is only second to Citibank, Chase, and the two aforementioned big dogs in terms of card issuance. AmEx has long been known for serving high-value customers and rewarding them accordingly.
According to the news release, the Abra card is likely to come with perks from the AmEx network, including “Amex Offers (for shopping, travel, eating, services, entertainment, and more), presale ticket access, Global Dining benefits, and purchase protections.”
Abra joins a growing list of crypto-native card issuers who offer crypto incentives, including BlockFi, Gemini, Nexo, and other companies. Crypto reward cards are being offered by organisations that aren’t crypto-first, such as Venmo and SoFi.