Coinbase has reportedly started to prepare for the launch of a new American Express credit card in the US, tailored to bitcoin customers.
Following this announcement, the card will be etched with data from the Genesis Block, while the inclusion of this data represents a direct reference to Bitcoin’s founding moment. The hexadecimal code printed on the card will also be part of the raw data from that first block.
In addition, the Coinbase One Amex card will be available exclusively to subscribers of Coinbase One, the company’s paid membership program. Furthermore, eligible cardholders and individuals will be given the possibility to earn up to 4% cashback in Bitcoin on purchases, with rewards scaling based on the assets they hold on Coinbase.
More information on the Coinbase One Amex launch
According to the official press release, the card is set to carry no foreign transaction fees and can be repaid using either a linked bank account or crypto held on the platform. At the same time, cardholders will also gain access to standard American Express perks, including exclusive offers and events, while Bitcoin rewards earned through spending won’t appear on 1099 tax forms, although taxes may apply if those rewards are later sold.
The Coinbase One Card is currently subject to creditworthiness and other eligibility criteria. An active, paid Coinbase One membership will be required to open and maintain a Coinbase One Card account and earn bitcoin back, while for Coinbase One Basic, an annual plan will be required.
As the launch approaches, the new product is expected to attract both Bitcoin enthusiasts and individuals who are interested in exploring the benefits of cryptocurrency in everyday transactions. The company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
