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New American Express credit card allows shoppers to earn cryptocurrency rewards tradable in over 100 cryptocurrencies

cryptocurrency rewards tradable in over 100 cryptocurrencies
American Express and Abra are launching a new credit card that will allow shoppers to earn cryptocurrency rewards “tradable in over 100 different cryptocurrencies” with no annual or foreign transaction fees.

American Express and Abra Launch Crypto Rewards Credit Card

American Express (Amex) and cryptocurrency trading platform and wallet provider Abra announced the upcoming launch of the Abra Crypto Card on the American Express network on Friday. Abra described the new card as:

The first cryptocurrency rewards credit card on the American Express network that will transact in US dollars and offer cryptocurrency in any category and purchase amount.

“Crypto rewards will be tradable in more than 100 different Abra-backed cryptocurrencies, with no annual or foreign transaction fees,” the cryptocurrency company detailed.

The Abra Crypto Card will offer a number of benefits from the American Express Network, including Amex deals, access to pre-sale tickets, global dining benefits and purchase protections, Abra noted.

Mohammed Badi, President of Global Network Services at American Express, commented: “One of the ways we support the evolution and innovation of commerce is by making it easier for fintechs to develop and scale innovative payment solutions leveraging the US global payment network. and the Amex/i2c platform”. The Amex executive added: “We have a long-standing relationship with Abra through our Amex Ventures investment portfolio.”

Interested customers can now join the waiting list for the card, which Abra hopes will “be available for the first time in late 2022.”

Additionally, the cryptocurrency firm on Friday announced a new feature for buying and selling non-fungible tokens (NFTs) “with managed custody and [a] full collection gallery in the Abra app that will remove the hassle and minimize the risks of using it. “defi [decentralized finance] wallets.”

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American Express Sees Cryptocurrency As An Asset Class – Says Not A Short-Term Commercial Threat

American Express (Amex) views cryptocurrency as an asset class, according to CEO Steve Squeri. He added that at this time, the company does not see cryptocurrency as an immediate or medium-term threat to its business.

American Express CEO Discusses Crypto Strategy

American Express (Amex) President and CEO Steve Squeri answered some questions about cryptocurrencies during the company’s fourth-quarter earnings call on Tuesday.

Squeri said, “When it comes to cryptocurrencies, we look at cryptocurrencies… We think across the spectrum of digital currencies. We think about cryptocurrencies. We think about stablecoins. We think of central bank digital currency [CBDC].” The CEO continued:

At this particular time, we see cryptocurrency more as an asset class.

Regarding the use of cryptocurrencies as a currency for payments, he said, “it’s kind of hard to use that way.”

The American Express executive further noted, “And when it comes to blockchain, we have investments in blockchain companies… We constantly look at blockchain and ask ‘are there use cases for us?'”

Commenting on stablecoins and non-fungible tokens (NFTs), Squeri said, “As far as stablecoins and NFTs and things like that, obviously we are partnering with the NBA and Top Shot. And we will look for ways to get involved.”

However, the CEO revealed, “We are probably not going to offer a cryptographic card.”

He also opined:

We keep an eye on the cryptocurrency if it becomes more stable. But at the moment, I don't see this as an immediate or medium-term threat to our business.