Payments giant American Express is reportedly going to launch its first ever credit card that offers crypto rewards.
According to a new report by Forbes, the financial titan is teaming up with crypto wealth management platform Abra to launch a credit card that would allow users to earn crypto rewards on any purchase category or amount.
Forbes also says that the credit card will transact in US dollars and provide a number of benefits coming from the American Express Network such as promos for travel, dining and shopping.
Though no specific date was mentioned, the card is slated to roll out sometime by the end of the year.
Says Mohammed Badi, president of global network services at American Express,
“This is a credit card for crypto explorers and enthusiasts alike.”
Abra CEO Bill Barhydt tells Forbes that the crypto rewards would be tradable across the 100 virtual assets supported by Abra and will feature zero foreign transaction or annual fees.
Says Barhydt,
“[The partnership] represents another step towards Abra’s goal of eventually offering an instant line of credit directly at the point of sale. This is the future of payments.”
American Express now joins fellow credit card giants Visa and Mastercard in offering support for crypto assets.
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