At the CoinDesk Consensus conference, US’s first American Express crypto reward card was launched. It is called the Abra crypto card and is the product of the partnership between crypto wealth management platform Abra and AMEX. The Abra crypto card will give its users rewards by transacting in US Dollars, reported the CEO of Abra, Bill Barhydt.
Crypto reward card Abra on AMEX
There has been no information on which cryptocurrencies will be given as a reward for transacting on the card. However, Bill did say that there would be a variety of rewards on the card. Users can choose between multiple cryptocurrencies and more traditional credit cards rewards like dining perks, vouchers, or points already offered by other AMEX cards.
One cryptocurrency that the CEO of Abra talked about is the CPRX token, their native utility token. It is an Ethereum-based coin and has over a million hodlers. Users who choose the native CPRX token as a reward will get a special benefit for using the card. The best part is that those who are interested in the card do not need to convert anything to crypto to get started.
Users must be on Abra’s platform to get the credit card. Then they will have to apply for a credit line and get approved. After these, the rewards earned by users can be swapped for different cryptocurrencies on the exchange. So, it might be a good idea for users to take CPRX as rewards for additional perks and swap them later on. However, it will depend on the terms and conditions, which are still unclear.
Future plans
Abra’s CEO also said they plan to extend the credit to users holding crypto on their platform. It means those with more balance in the exchange can get more credit limits compared to others. So, long-term hodlers can really benefit from this.
About crypto platform Abra
Abra is a cryptocurrency wallet service that includes a trading service for buying and selling cryptocurrencies. It also has a service for earning interest on cryptocurrencies and stablecoins, and a loan service for borrowing against cryptocurrency collateral.
What are your thoughts on US’s first American Express crypto reward card? And do you think the crypto reward card market is getting crowded? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: US Treasury gets sued over their new tax reporting rules.
