American Express is rolling out it’s first-ever crypto rewards credit card as part of a partnership with Abra, according to a joint announcement at this week’s crypto conference Consensus in Austin.
Although the announcement follows other credit card companies, such as Visa and Mastercards, it is still an important step in crypto integration in current credit cards. There are over 60M AmEx holders according to figures from earlier this year – and now the network will bring access to direct cryptocurrency rewards for spending for the first time ever with a partner card with Abra.
Abra and American Express Team up
The ‘Abra Crypto Card’ was unveiled at the annual Consensus event in Austin, Texas today, and will offer crypto rewards for any purchase category and amount, according to the formal press release. Abra offers a platform token, ‘Crypto Perx’ (CPRX) that is expected to be alongside a variety (but thus far undisclosed) of top tokens as options for earning rewards. Abra’s team celebrated the American Express announcement and the news that their app will support gallery views and custody of NFTs.
American Express’ president of Global Network Services Mohammed Badi stated that Abra brings “deep expertise in both crypto and traditional financial services” that makes them a fitting partner for the endeavor.
"CryptoPerx" (CPRX), is Abra's native ERC-20 token; strong price reactions to news about Abra's AmEx credit card saw a positive reaction. Source: CPRX-USD on TradingView.com | Source: CPRX-USD on TradingView.com
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Join The Club
Visa and Mastercard are two of the most commonly-recognized names in the credit card business, but don’t sleep on American Express, who is only behind Citibank, Chase, and the two aforementioned top dogs when it comes to card issuance. AmEx is a trusted name in the credit card industry, serving high-net worth customers with commensurate rewards.
The Abra card is expected to bring those rewards along with it too, with rewards from the slate of the AmEx network, including “Amex Offers (for shopping, travel, dining, services, entertainment, etc.), presale ticket access, Global Dining benefits, and purchase protections,” according to the press release.
Abra now joins the growing ranks of crypto-native cards issuers offering crypto rewards. This includes BlockFi and Nexo, as well as Gemini and Nexo. Even companies that aren’t crypto-first, such as Venmo and SoFi, are offering crypto reward cards.
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Featured Image from Pixabay. Charts from TradingView.com This content was not written by or associated with the mentioned parties. This article is not meant to provide financial advice.