The Launch of Abra Crypto Card on the American Express Network

Undoubtedly, the cryptocurrency industry is one of the most innovative to come to life in the last two decades. But even as we scramble to fully grasp it and come to terms with what it means and can do, innovation around the sector is still happening. For instance, the new launch of the Abra crypto card is about to make transacting with crypto much more convenient and accessible to everyone.

The Abra crypto card is the first ever crypto credit card of its kind. It’s hosted on the American Express network and allows you to transact in dollars and crypto. It also enables you to trade in over 100 different cryptos, earn dividends on your digital assets, and seek loans against your crypto portfolio. And as you may have noted, it’s another step that brings crypto closer to mass acceptance.

This piece will look at Abra’s crypto card and what it means for the industry when it joins the market in late 2022. So keep reading to learn more.

How can Abra Crypto Card benefit from the American Express Network?

Abra is a financial services company that caters to affluent individuals and institutions with their online assets. The company’s primary goal is to help its clients trade in over 100 digital currencies in order to make good returns on their investments and enable them to access credit against their digital assets.

Furthermore, the company’s overarching goal is to create an open and inclusive global financial system. At the same time, American Express is a globally integrated payment systems provider and one of the leading investors in the company. This collaboration between American Express and Abra enables it to gain access to a global market as well as offer customers on the service easy access to crypto and other financial services.

The Abra crypto card runs on the Amex software that enables fintech to bring new innovations more expeditiously to the market. This is by providing resources such as pre approved partners and banking options to fast-track the development process. Therefore, Abra’s cooperation with Amex and American Express puts it in an exceptional situation to create a good product.

According to Bill Barhydt, Amex’s CEO, “this development will make it possible to trade crypto, earn interest, and seek credit against digital assets in one integrated app.”

Apart from that, there are some other payment methods to purchase cryptocurrency; for example, many traders use their own credit or debit card as a payment option. For instance, you can directly buy Bitcoin with American Express on the Abra app if you already have an account and you have the purchase option. You can buy cryptos such as Bitcoin, Polkadot, Polygon, and many more.

What will be the impact of the Abra Crypto Wallet?

Besides having just launched a new card service, Abra is also a custodial, hot wallet, as well as a cryptocurrency exchange service. Its crypto exchange allows you to trade in multiple cryptocurrencies while simultaneously allowing you to store your crypto keys securely. Furthermore, the Abra app has a mobile app option that will enable you to access its trading and other services on the move.

This, according to Abra’s CEO, Bill Barhydt, will bring them one step closer to offering their customers credit at the POS, which he says is the future of payment systems. Another innovation that potentially integrates crypto into the financial services, or so it seems.

The platform also generates a unique recovery phrase that you can use to restore your account if you ever lose the device you’re logged in on for added redundancy. Transitions’ speed and safety will also significantly improve because all the services exist on one platform.

But as we had mentioned, Abra is a custodial wallet, which means your private keys are in the hands of a third party who has full control over your wallet and, in essence, your digital assets. A fact that leaves us a bit concerned and wondering why they couldn’t have made it noncustodial.

Final thoughts on the new Abra and American Express crypto card

Honestly, this one is a mixed bag, and we don’t know what to think. On the one hand, credit access at the POS sounds like another banker propagating the debt trap that has kept so many in the debt cycle. While on the other, the Abra crypto card makes earning crypto and unleashing its full potential easier than most other solutions.

Cryptocurrency is also about seeking freedom and escaping the traditional financial system, and a return to a credit card or crypto card, as Abra so eloquently puts it, is not it. But at the end of the day, you, the customer, have to weigh the pros and cons and decide whether the opportunity cost is worth it.

So what do you think about the new Abra and American Express crypto card?

Disclaimer

Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.