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 a 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 a high yield on digital assets, and borrow against crypto holdings all in one, easy-to-use app.
How to Earn Crypto Rewards with the Abra App
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.”
Buy and Sell NFTs with the Abra App
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.