American Express, one of the largest financial companies in the country, is partnering with Abra to launch a cryptocurrency credit card rewards system that will give the public more to their usage and experience. It focuses on more than cryptocurrency, as it will also include a new NFT service for the public to access via the credit card company.
American Express, Abra to Bring Crypto Credit Card Rewards
(Photo : Scott Olson/Getty Images)
CHICAGO, ILLINOIS - JANUARY 24: A sticker pasted at the entrance of a business lets customers know that they accept American Express credit cards on January 24, 2020 in Chicago, Illinois.
Abra is a company that centers on cryptocurrency trading and it brings the world a chance to access the blockchain and its many features via its platform and ventures. The company is big on cryptocurrency and focuses on new ways to explore their finances that aim to help people in managing their trades and transactions online.
Now, it partners with one of the largest institutions in the country, American Express, in launching a cryptocurrency credit card rewards card that will focus on bringing Abra's features to the company. It will be available on the American Express network, and it would still need to transact in dollars with rewards coming in as Bitcoin.
The announcement also tackles the NFT service it aims to launch now, as part of the Ethereum blockchain.
Read Also: Bitcoin Rebounds Past $31,000 Mark in the Wake of Terra, Luna Cash Aftermath
Amex is Finally on the Decentralized Currency?
Amex is not necessarily jumping in on the decentralized currency or the famous digital blockchain entities in the world. However, it allows Abra to be on its network for its multiple crypto transactions which will also mean something for the Amex cards if a user switches to the new crypto credit card rewards venture of the two companies.
Cryptocurrency and Banks
Many financial tech and bank companies are joining in the new focus of the public, and it is through integrating cryptocurrency in their transactions and trading in the current market. One of the largest global entities in the financial world, the Europe Central Bank, is looking into regulating cryptocurrency as part of its operations for the public to use.
Another financial entity that has massive global influence and access, PayPal, is known for its features that allow people to use cryptocurrency for transactions, and also available to trade it on the platform. Several online financial tech companies aim to bring the public a chance to access cryptocurrency on a massive scale, as part of their everyday lives and transactions.
It is inevitable, as many people are already jumping on the cryptocurrency trend and bandwagon, despite its volatility and doubts as a bubble that may soon burst and crash altogether. American Express and Abra are now looking to open up ways to let cryptocurrency in, but it is not yet focusing on its use for trading and its other ventures.
Related Article: Crypto Puts Global Payment Systems at Risk? Financial Firms Connection With Digital Coins Now Worries Regulators
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Written by Isaiah Richard
