Bill Barhydt, founder and CEO of Abra, and Mohammed Badi, president of Global Network Services at American Express, at Consensus 2022 in Austin, Texas
Forbes
American Express will soon debut the first crypto rewards credit card on its network.
Announced today at the Consensus cryptocurrency conference in Austin,TX the card, developed in partnership with crypto wealth manager Abra, will transact in U.S. dollars and offer crypto back on any purchase category and amount. The rollout is expected later this year.
According to Abra’s CEO Bill Barhydt, who spoke with Forbes ahead of the announcement, the crypto rewards will be tradable across over 100 different cryptocurrencies supported by Abra with no annual or foreign transaction fees. In addition, the card will offer several benefits from the American Express Network, including offers for shopping, travel, dining and Amex’s purchase protections.
“We’re thrilled to combine the strength of our payments network with Abra’s innovation and expertise in crypto. This is a credit card for crypto explorers and enthusiasts alike,” said Mohammed Badi, President of Global Network Services at American Express.
Though first for American Express, the Abra crypto card is only the latest in a string of products offered by cryptocurrency companies on major payments networks, such as Gemini crypto card, which offers rewards in the form of bitcoin and over 60 other cryptocurrencies, and BlockFi rewards Visa card.
Abra received its first check from American Express back in 2015. Other notable investors include Digital Currency Group, Pantera Capital and the Stellar Development Foundation. Today the self-described “crypto bank” and Forbes’ Next Billion-Dollar Startups 2021 list member has over 2 million customers. The Mountain View, California-based firm says it has processed more than $2 billion in crypto-backed loans to retail and institutional clients.
The new joint initiative “represents another step toward Abra’s goal of eventually offering an instant line of credit directly at the point of sale,” said Barhydt. “This is the future of payments.”
Today the firm has also announced a new feature to buy and sell NFTs with managed custody in the Abra app. Rather than funding DeFi wallets and moving between different app interfaces to buy and sell NFTs from marketplaces like OpenSea, users will be able to buy and sell digital collectibles directly from Abra’s platform, Barhydt explained.
In April, the firm announced the launch of a capital-management arm with five funds with exposure to bitcoin, ether and other cryptocurrencies available to accredited investors willing to invest at least $250,000.
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