Max Credit Cards and Bits of Gold have partnered to launch a Visa card in Israel called MaxBack Crypto. The new card is said to be the first crypto cashback card in Israel, designed to allow users to accumulate Bitcoin while they use the card.
The company explains that once a card is ordered a dedicated account will be opened for the customer by Bits of Gold. The cashback amount accumulated in NIS and will be will automatically be converted to Bitcoin. Bits of Gold is the first company to be approved and regulated by the Israel Ministry of Finance to trade in virtual currencies.
The card is expected to be launched in the coming weeks as it completes regulatory requirements. Bits of Gold says it has reached agreements with the Tax Authority to ease some of the bureaucratic burdens regarding Israelis interested in buying and selling digital currencies. The company itself will deduct the tax so customers will be able to trade digital currencies without the need for independent reporting to the tax authority.
Ron Fainaro, CEO of Max, said they are proud to be the first financial entity in Israel to launch a credit card with a crypto cashback program.
“The momentum and great public interest in digital currencies developing worldwide cannot be ignored, and therefore, I believe in the importance of us being there for our customers. We are happy to be leaders in financial innovation in the cryptocurrency ecosystem in collaboration with Bits of Gold, the oldest Israeli company in this field. Together, we will provide the Israeli public, willing to enter this innovative field cautiously, with a connection to the world of digital currencies. With Max, anyone can own Bitcoin and take the first steps in this new domain.”
Youval Rouach, CEO of Bits of Gold, said the MaxBack Crypto credit card is an opportunity for many Israelis to comfortably take the first steps into the world of digital currencies.
Max customers will be able to track their Bitcoin balance in the Max app. MaxBack Crypto cardholders will be able to use their card to buy Bitcoin and Etherium, as well as other currencies.
MAX states that it has issued more than 3 million cards – Visa and MasterCard brands while providing services for more than 40,000 merchants in Israel.