Abra has announced a partnership with American Express (NYSE:AXP) to offer a card that provides for crypto rewards. Similar to traditional perks, the Abra Crypto Card will allow users to get crypto back on any purchase on the American Express Network. Abra is accepting emails for a waiting list now.
Abra is a digital asset firm that aims to provide an easy-to-use app that allows users to access interest-earning, buying, selling, and trading in cryptocurrencies, in one single place. Their vision is for a “global financial system that is easily accessible to everyone.”
According to their website, Abra allows individuals to trade in over 100 cryptocurrencies, earn up to 10% APY and borrow against crypto with interest rates starting at 0% APR.
In a blog post, Abra CEO and founder Bill Barhydt shared information on the deal with American Express:
“I’ve been waiting for this one for a long time and I’m over the moon that it’s finally ready to announce. Today, we 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 rewards, such as Bitcoin.
You can join the waitlist to get access to the Abra Crypto Card here.
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. I can’t wait to start showing off my Abra Crypto Card with that cool Amex logo on it.
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 Abra Crypto Card is planned for a release in the second half of this year.”
This is the first crypto card for American Express which has been slow to embrace digital assets.
Abra caters to both retail and institutions with Abra Prime focusing on financial services firms.
Abra Capital Management now offers five funds focused on both yield and next-generation token opportunities.
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