Coinbase to Launch Amex Card Offering Bitcoin Cashback This Fall
Coinbase is set to launch a new American Express credit card in the U.S., highlighting its connection to bitcoin's origin.
Key Features of the Coinbase Amex Card
- The card is designed with data from the Genesis Block, the first block on the Bitcoin network created by Satoshi Nakamoto.
- Hexadecimal code from the Genesis Block is etched on the card.
- The card includes a message from a Times headline: "Chancellor on brink of second bailout for banks," critiquing central bank failures during the 2008 crisis.
- Named "Coinbase" after the term for the first transaction in each new block where new bitcoin is created.
Features and Market Context
- The card will be available to subscribers of Coinbase One, offering up to 4% cashback in bitcoin based on assets held on Coinbase.
- No foreign transaction fees; repayment can be via bank account or crypto.
- Includes standard American Express perks.
- Bitcoin rewards from spending won't appear on 1099 tax forms, but taxes may apply if sold.
- Positioned differently from other crypto cards like Gemini's, which offers up to 3% crypto cashback and supports various digital assets.
Coinbase aims to appeal to those valuing Bitcoin not just as an asset, but as a philosophy focusing on financial sovereignty and resistance to traditional banking systems.