Abra Touts The First Bitcoin Card On The American Express Network

Abra today announced the launch of its crypto credit card, which will use the American Express network and give cardholders the opportunity to earn Bitcoin as rewards for their purchases.

“We have known Abra for a long time – since 2015 – and we are delighted to [Abra founder and CEO] Invoice [Barhydt]said Mohammed Badi, president of American Express of Global Network Services. Decrypt. “And we wanted to play our part in supporting Bill and his vision, and having an Abra card on the American Express network felt like a natural next step.”

Ahead of the announcement at Consensus 2022 in Austin, Barhydt said Decrypt that the Abra Crypto Card is a “traditional credit card” and that cardholders will receive a US dollar statement and crypto rewards in exchange for these payments.

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He added that crypto reward options will start with Bitcoin and Ethereum, with more benefits and rewards to come later. According to Barhydt, the program announced today is expected to launch later this year.

“What we bring to the table is the rest of American Express’ overall assets and capabilities,” Badi added. “So you have a lot of what you would expect if you have an American Express card.”

Abra Crypto Card customers will be able to take advantage of American Express’ global reach while redeeming earned rewards for cryptocurrency in the Abra app.

“The combination of what Abra brings and what American Express brings makes us unique,” ​​Badi continued. “Abra’s value proposition is unique in itself. You bring Amex into the picture, that’s a great proposition.”

Barhydt went on to say that Abra is still evaluating which additional cryptocurrencies will be included in the program.

“There are still some details we are working on,” Barhydt said. “We want to have as many options as possible. And it must be done responsibly.”

Abra will compile a final list of cryptocurrencies that can be earned as rewards closer to launch, Barhydt said, noting that Abra’s goal is to make sure people get real value from the card. crypto rewards.

“I’m excited about the directions the teams are going to take to resolve this,” he added.

American Express is part of a growing list of payment processors entering Web3. Earlier today, Mastercard announced its partnership with several non-fungible token (NFT) marketplaces so that collectors can use their debit and credit cards to purchase NFTs directly.

In March, American Express filed trademark applications related to virtual services and its iconic Centurion logo, as well as applications to secure trademarks on software for credit cards, travel, concierge services, and an environment virtual for leisure and entertainment, and an NFT marketplace.

“The American Express brand is known for its experience, rewards and access,” says Badi. “What Bill and his team drive, the innovation they execute on the AMEX Network is consistent with what we seek to deliver. And what we do every day.”

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Abra Touts The First Bitcoin Card On The American Express Network


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