First American Express Crypto Reward Credit Card in the Pipeline

American Express said it is about to launch its first crypto reward credit card. The move is part of the company’s joint operation with Abra. The announcement was made at a joint press briefing in Austin, Texas.

The joint announcement takes the common path of other competing credit card providers. Mastercard and Visa have taken such steps earlier. Yet, it remains a huge call in the process of integrating crypto into the credit card system.

There are more than 60 million American Express cardholders as a report stated early in the year. The network will now provide a cryptocurrency benefit for making expenses for the first time. The new project is going to be carried out in partnership with Abra.

The Unity of Abra and American Express

Abra’s crypto card got launched at the same yearly Consensus occasion where the American Express announcement was made. According to the company’s press brief, the card offers rewards on purchases of any category. Abra issues a token, the Crypto Perx, that might be abreast of other leading tokens as reward options.

The American Express partnership was not all Abra had to announce and celebrate. The company equally said its coming application supports NFT gallery views and custody.

Mohammed Badi said Abra is coming to the table with expertise in traditional finance and crypto services. It thus makes them the perfect partner for the new project. Mohammed Badi is the American Express President in charge of Global Network Services.

Hop on This Train

There are two most recognized names in the world of credit cards, Mastercard and Visa. Market observers have, however, advised the public not to “sleep” on American Express. American Express is just after Citibank and Chase, both of which are after the first two. 

American Express has stayed long in the game of servicing high-earning clients. The company has also mastered the art of giving rewards for card usage.

It is expected that Abra’s crypto card will also bring along those rewards. The company is going to combine rewards from the American Express platform. The rewards include presale tickets, global dining benefits, and a lot more.

Abra has, therefore, become one of the crypto card issuers giving crypto rewards. The list includes platforms like Gemini, BlockFi, Nexo, and many others. Companies that are not leading in crypto services are beginning to give crypto rewards. Such companies include SoFi and Venmo.

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