American Express Launches Its First Crypto Rewards Credit Card
Abra Crypto Card on the American Express
According to an official announcement on Friday, American Express is partnering with Abra to launch a cryptocurrency credit card rewards system. The card will allow users transacting in U.S. dollars to earn cryptocurrency rewards on their purchases through the Amex network.
Cardholders can choose from any of the more than 100 cryptocurrencies supported on the Abra platform, with no annual or foreign transaction fees. The card will also come with Amex Offers for shopping, travel, dining and services as well as presale ticket access and purchase protections.
Commenting on the initiative, Mohammed Badi, president of Global Network Services at American Express, said:
“We have a long-standing relationship with Abra through our Amex Ventures investment portfolio, as they have deep expertise in both crypto and traditional financial services, and we are now pleased to extend the American Express brand and benefits to their customers as the payments network for their first card.”
The Future of Payments and Web
In March, American Express filed for trademarks linked to virtual services and its iconic Centurion logo to secure trademarks on software for credit cards, travel, concierge services, a virtual environment for recreation and entertainment, and an NFT marketplace.
Competitor Mastercard also recently announced its partnership with several non-fungible token (NFT) marketplaces to allow users to purchase NFTs directly with their debit and credit cards.