AMERICAN EXPRESS NEW PARTNERSHIP WITH CRYPTO PLATFORM ABRA
The card will allow users who make U.S. dollars. to receive cryptocurrency awards for their purchases via the Amex network, Bill Barhydt, founder and CEO of Abra told TechCrunch in an interview.
Abra declined to share details of what cryptocurrencies will be available to users in the first version of his card, which will be released later this year, but Barhydt said the donation would eventually allow users to choose to receive their prizes using many different cryptocurrencies and traditional prizes such as entertainment and related benefits. and food supplied on the Amex platform.
Users can choose to earn rewards in the form of Abra's ERC-20 Crypto Perx (CPRX) token or other cryptocurrency, he explains. CPRX is a useful token with more than a million owners already with Abra's benefits program, according to Barhydt. The credit card will give customers a certain type of benefit by choosing to receive their rewards with CPRX compared to other crypto currencies, Barhydt said, although details are not yet clear.
Card users will need to be registered with Abra, and the card will only work if these users apply for a credit line, Barhydt explained. Once they start earning crypto awards, they will be able to use the Abra exchange to easily convert these rewards into different cryptocurrensets, he added.
"Finally, we are also working on a solution that will allow you to use your existing crypto balance to touch your credit line, which we will probably introduce in the future.
The card is targeted at two different groups - experienced crypto enthusiasts, and those who want to enter the crypto world for the first time with a simple entry, according to Barhydt.
"They will receive crypto rewards without converting some of their assets into crypto," he said.
Amex users have long been waiting for an announcement like this, as their rivals Visa and Mastercard have already introduced their own crypto reward credit cards in partnership with digital asset companies, such as the crypto Visa prize card offered in partnership with BlockFi and Mastercard. -informed card issued by crypto exchange Gemini. Fintech companies Brex, Venmo and SoFi all also offer their own crypto reward credit cards.
American Express was wary of entering the market, but the Abra card is probably the precursor to many of the company’s crypto-related products.
"We have been developing American Express network capabilities for the past several years, and as such, we look forward to presenting innovative and innovative price proposals. American Express, told TechCrunch in an interview.