Coindesk Logo

American Express Adds First Crypto Product With Abra Rewards Card

American Express Adds First Crypto Product With Abra Rewards Card

American Express Adds First Crypto Product With Abra Rewards Card

A long time in the making, the Abra Crypto Card will be the first Amex cryptocurrency product, said Abra CEO Bill Barhydt.

A long time in the making, the Abra Crypto Card will be the first Amex cryptocurrency product, said Abra CEO Bill Barhydt.

A long time in the making, the Abra Crypto Card will be the first Amex cryptocurrency product, said Abra CEO Bill Barhydt.

AccessTimeIconJun 10, 2022, 6:40 PM
Updated May 11, 2023, 5:39 PM

AUSTIN, Texas — While American Express (AXP) has scotched hopes of a cryptocurrency-linked credit card any time soon, the card giant has confirmed hints made earlier this year that it would be offering crypto rewards, teaming up with digital-assets services major Abra.

Announced Friday at Consensus 2022, the Abra Crypto Card will allow users to earn back crypto on any purchase, no matter the amount or category. Cardholders can choose from any of the more than 100 cryptocurrencies supported on the Abra platform, with no annual or foreign transaction fees. The card will also come with Amex Offers for shopping, travel, dining and services as well as presale ticket access and purchase protections.

“This has been a long time coming and is the first American Express crypto product,” said Abra CEO Bill Barhydt in an interview with CoinDesk. “Amex retail offers from hundreds of merchants are integrated into the app with the whole fraud and purchase protection all integrated with the Abra wallet.”

Crypto credit cards of some sort have been around for a long time in crypto, said Barhydt, but what makes this Amex-Abra tie-up of particular interest is the upscale clientele of the two companies.

“If you look at our client base and where the money is for us, it skews toward our private client business, which is upper-middle class to extremely wealthy, where they have six to eight figures worth of crypto with Abra,” he said. “That group has a natural affinity and overlap with American Express.”

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.