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Amex: “Probably Not Going to See an Amex Crypto-Linked Card Anytime Soon”

Gaurav Roy by Gaurav Roy
October 27, 2021
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The cryptocurrency traders and investors experienced a surge in demand for crypto-linked credit cards. 

Although Mastercard expressed its optimism in crypto-linked credit cards, the CEO of American Express did not think otherwise. According to Amex Chairman Stephen Squeri, traditional credit cards will continue to flourish in the foreseeable future. 

The American Express Chairman sees the largest cryptocurrencies like XRP, Ethereum, and Bitcoin, as gold rather than currencies. More precisely, an investor and trader would not buy a “stock” through a credit card. In the same way, a trader or investor would not purchase gold or other commodities through a credit card.

Since traders and investors treat cryptocurrencies like stocks, they would probably not see a crypto-linked credit card anytime soon.

Amex- “Probably Not Going to See an Amex Crypto-Linked Card Anytime Soon”

One of the main reasons for not creating a crypto-linked credit card is the inherent qualities of cryptocurrency. According to Squeri, cryptocurrencies are immensely volatile, potentially interfering with payment terms and conditions. 

However, the Amex CEO still sees a future in the crypto-ventures of other financial service providers. 

According to Squeri, Amex watches the government-based digital currencies very carefully to determine their viability with its business model. 

Amex intends to use cryptocurrency as an alternative means of redeeming membership reward points. More precisely, Amex intends to use stablecoins as an alternative means of redeeming membership reward points. 

However, Mastercard already beat American Express in the race by creating a partnership with Bakkt last October 25, 2021. This partnership provides a better way for customer transactions through crypto-payment integration. 

gaurav roy xrp news | XRP & Ripple News
Gaurav Roy
Tags: crypto credit card rewardscrypto debit cardvirtual crypto debit card
Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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