Abra announced today the launch of its crypto credit card, which will use the American Express network and give cardholders the chance to earn Bitcoin as a reward for making purchases.
“We’ve known Abra for a long time—since 2015—and we’ve been excited about [Abra founder and CEO] Bill [Barhydt]’s vision,” Mohammed Badi, American Express President of Global Network Services, told Decrypt. “And we wanted to play our role in supporting Bill and his vision, and having an Abra card on the American Express network felt like a natural next step.”
Before the announcement at Consensus 2022 in Austin, Barhydt told Decrypt that the Abra Crypto Card is a “traditional credit card” and that cardmembers will receive a statement in U.S. dollars and crypto-based rewards in exchange for those payments.
He added that the crypto reward options will start with Bitcoin and Ethereum, with more perks and rewards coming later. According to Barhydt, the program announced today is scheduled to launch later this year.
“What we bring to the table is the rest of the American Express set of assets and capabilities,” added Badi. “So you’ve got a lot of what you would expect to have if you have an American Express card.”
Abra Crypto Card customers will be able to take advantage of American Express’s global reach while trading earned rewards for cryptocurrencies in the Abra app.
“The combination of what Abra is bringing and what American Express is bringing makes us unique,” Badi continued. “Abra’s value proposition is unique in and of itself. You bring Amex into the picture,…