Abra’s first crypto credit card to transact in U.S. dollars on the American Express network and offer cryptocurrency rewards on any purchase category and amount, along with other benefits
Abra will remove headaches for buying and selling NFTs
AUSTIN, Texas, June 10, 2022--(BUSINESS WIRE)--Abra, a premier digital asset financial services company, today 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 back on any purchase category and amount. Today, Abra also announced a new, fully integrated feature to buy and sell NFTs with managed custody and full collection gallery in the Abra app that will remove the hassle and minimize the risks of using DeFi wallets.
The news is another step towards Abra’s vision to help create an open, global financial system that is easily accessible to everyone. Unlike others, Abra tightly integrates the ability to trade over 100 different cryptocurrencies, earn high yield on digital assets, and borrow against crypto holdings all in one, easy-to-use app.
Earn Crypto Rewards
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.
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.
"One of the ways we back the evolution and innovation of commerce is by making it easier for fintechs to develop and scale innovative payment solutions leveraging the American Express global payments network and the Amex/i2c platform," said Mohammed Badi, president of Global Network Services at American Express. "We have a long-standing relationship with Abra through our Amex Ventures investment portfolio, as they have deep expertise in both crypto and traditional financial services, and we are now pleased to extend the American Express brand and benefits to their customers as the payments network for their first card."
"We’ve made it super easy for anyone to trade crypto, earn interest, and borrow against crypto holdings in one, integrated app," said Bill Barhydt, founder and CEO of Abra. "Our partnership with American Express will now make it even easier to access and earn crypto. The news also represents another step toward Abra’s goal of eventually offering an instant line of credit directly at the point of sale. This is the future of payments."
The Abra Crypto Card is expected to be first available in late 2022. Join the early access waitlist for the chance to be among the first invited to apply for the card here: https://www.abra.com/crypto-card-waitlist/
A Simple Service to Buy and Sell NFTs
Most DeFi wallets today that facilitate NFT and other crypto transactions are very cumbersome to use, incur gas fees to on-ramp funds, and are more prone to user errors or being hacked. Abra’s new, integrated NFT wallet feature will enable easy access to a variety of NFT marketplaces and will be designed to solve these problems while minimizing gas fees.
"You shouldn’t have to be a Ph.D. in MetaMask to buy or sell NFTs. Our new NFT feature will make it simple to buy and sell NFTs from a variety of marketplaces," continued Barhydt.
Rather than funding DeFi wallets by moving between different app interfaces to buy and sell NFTs from a marketplace like OpenSea, Abra users will be able to save steps by using their existing funds in Abra to buy and sell NFTs without leaving the Abra app experience.
The new NFT feature is expected to be available in late 2022.
Abra is a premier digital asset financial services company serving consumers, high net worth individuals, and institutions. Abra empowers its clients to trade over 100 cryptocurrencies (including any-to-any pairs), earn high yields on their digital assets, and borrow dollars against their crypto holdings. The company’s vision is to help create an open, global financial system that is easily accessible to everyone. Abra Capital Management allows clients to access actively managed, structured products and investment funds. With over 2 million customers and growing, Abra has processed over $2 billion in crypto-backed loans and paid millions of dollars in interest to retail and institutional clients. Founded in 2015 by Bill Barhydt, Abra’s investors include American Express Ventures, First Round Capital, Adams Street Partners, RRE Ventures, Digital Currency Group, HCM Foxconn Capital, and Pantera Capital, among others. For more information, please visit www.abra.com.
About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress. Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports.
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