Abra, a premier digital asset financial services company, announced the Abra Crypto Card, the first crypto rewards credit card on the American Express network that will transact in U.S. dollars and offer crypto back on any purchase category and amount.
The news is another step towards Abra’s vision to help create an open, global financial system that is easily accessible to everyone. Unlike others, Abra tightly integrates the ability to trade over 100 different cryptocurrencies, earn high yield on digital assets, and borrow against crypto holdings all in one, easy-to-use app.
Cardholders will be able to use the Abra Crypto Card to earn crypto back on any purchase category and amount. The crypto rewards will be tradable across over 100 different cryptocurrencies supported by Abra with no annual or foreign transaction fees.
In addition, the Abra Crypto Card will offer several benefits from the American Express Network, including Amex Offers (for shopping, travel, dining, services, entertainment, etc.), presale ticket access, Global Dining benefits, and purchase protections.
The card will be powered by the Amex/i2c platform which enables fintechs access to pre-certified partners, including bank issuing BIN sponsors, making it faster and simpler to bring their payment innovations to market.
“One of the ways we back the evolution and innovation of commerce is by making it easier for fintechs to develop and scale innovative payment solutions leveraging the American Express global payments network and the Amex/i2c platform,” said Mohammed Badi, president of Global Network Services at American Express. “We have a long-standing relationship with Abra through our Amex Ventures investment portfolio, 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.”
“We’ve made it super easy for anyone to trade crypto, earn interest, and borrow against crypto holdings in one, integrated app,” said Bill Barhydt, founder and CEO of Abra. “Our collaboration with American Express will now make it even easier to access and earn crypto. The news also represents another step toward Abra eventually offering an instant line of credit directly at the point of sale. This is the future of payments.”
“The Amex/i2c platform enables financial innovators like Abra to offer their customers a payments product that’s unique, while reducing the steps needed to bring their payments products to market,” said Amir Wain, founder and CEO of i2c Inc. “Following our expanded global agreement with American Express, we’re proud to help bring this card to life in the U.S.”
The Abra Crypto Card is expected to be first available in late 2022.
Source: American Express