The card, issued by First Electronic Bank and offered in partnership with fintech firm Cardless, will provide users with Bitcoin rewards of up to 4% on purchases. Access to the card will be limited to Coinbase One members based in the United States.
The announcement was made during Coinbase’s State of Crypto Conference, coinciding with the opening of a waitlist for interested customers via the company's website. A full release with full programme details is expected later in the year.
Officials from American Express described the card as part of a wider strategy to explore blockchain and cryptocurrency’s role in modernising the financial infrastructure. While the company is approaching the sector cautiously, it continues to explore compliant applications that it believes may contribute to more efficient value transfer systems.
Representatives from American Express noted that the Coinbase One Card would integrate with the company's existing capabilities, such as digital wallets and tokenisation, and would benefit from the protections and features available on its network. They indicated that the product reflects current consumer interest in combining crypto rewards with traditional credit card benefits.
Coinbase and Cardless are managing the product offering, with Cardless identified as a portfolio company of Amex Ventures. The Coinbase One Card will operate under the American Express licence, with associated terms and conditions applying to its use.
American Express has stated that its investment in this area remains measured, focusing on infrastructure, strategic partnerships, and talent development in order to navigate the evolving payments landscape.
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