International payment service American Express in cooperation with cryptocurrency company Abra amid the growth of credit products with rewards in cryptocurrency will offer customers Crypto Rewards card.
Abra CEO Bill Barhydt said that as a reward, cardholders will be offered bonuses in more than 100 different cryptocurrencies supported by Abra, with no transaction fees, for purchases of any amount.
“The new joint initiative represents another step toward Abra’s goal of offering instant credit directly at the point of sale. This is the future of payments,” Barhydta said.
American Express first funded Abra Cryptobank in 2015. It was backed by Digital Currency Group, Pantera Capital and the Stellar Development Foundation. With the new decision, American Express enters the market of cryptocurrency rewards products, which is now shared by Gemini, which offers rewards in the form of bitcoin and more than 60 altcoins, BlockFi and Visa, which launched similar products even earlier.