AmEx Doesn’t Plan to Offer a Crypto-Linked Card Soon, CEO Says
(Bloomberg) -- American Express Co. isn’t planning to offer a crypto-linked card any time soon, Chief Executive Officer Stephen Squeri said.
“When I look at cryptocurrencies, it’s really more of an asset class,” akin to gold, Squeri said Monday at Yahoo Finance’s All Markets Summit. “I don’t see it as really something that’s going to make inroads from a credit-card perspective, or even a debit-card perspective, in terms of payment.”
That decision is largely due to the volatility of most cryptocurrencies, according to the CEO of the New York-based firm. “All of those values that occur within a credit card do not lend themselves to cryptocurrency,” Squeri said.
But the credit-card giant is exploring other ways to engage with cryptocurrencies, including potentially allowing card customers to redeem their membership-reward points for crypto, Squeri said. Mastercard Inc. announced Monday that it will make it easier for banks to offer cryptocurrency rewards on its credit and debit cards.
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