American Express CEO mentioned that crypto as gold, The news comes shortly after Squeri said that cryptocurrencies will not disrupt AmEx’s current business model in the course of the company’s third-quarter earnings call Friday.
American Express CEO mentioned that crypto is an asset class similar to gold, but the firm has no plans to offer a crypto-linked card. AmEx may explore crypto with membership rewards points
Regardless of digital assets’ status as a gold-like asset class, American Express will not be planning on offering clients a cryptocurrency-linked credit card anytime soon, AmEx CEO Stephen Squeri said Monday.
“I look at crypto really as more of an asset class, I sort of view it as gold,” Squeri mentioned throughout Yahoo Finance’s All Market Summit. “I don’t see it as actually something that’s going to make inroads from a bank card perspective, or perhaps a debit card perspective, in terms of payment,”
The infrastructure around digital assets must become more substantial and the asset class is currently too risky to pursue this chance, Squeri mentioned.
The information comes shortly after Squeri stated that cryptocurrencies are not going to disrupt AmEx’s current business model in the course of the company’s third-quarter earnings call Friday.
“I don’t see any level where crypto goes to be a threat to card payments,” he mentioned in the course of the call.
Simply as AmEx prospects don’t use their bank cards to buy securities, Squeri mentioned, he doesn’t anticipate them to concentrate on shopping for cryptocurrencies with their playing cards both.
There could be different cryptocurrency-related opportunities for customers down the line, Squeri mentioned. These might include redeeming rewards factors for digital assets and the corporate is concerned with using AmEx cards for stablecoins, he said.
The announcement comes as Mastercard announced its plans to offer clients cryptocurrency-linked credit card and debit cards Monday.
“We want to provide all of our partners the ability to extra simply adds crypto providers to no matter it is they’re doing,” Sherri Haymond, Mastercard’s government Vice President of digital partnerships, mentioned in an interview. “Our partners, be they banks, fintech, or merchants can provide their prospects the ability to purchase, promote and hold cryptocurrency through an integration with the Bakkt platform.”