Two competing credit card companies are working with BTC investments and cashback to increase their exposure to cryptocurrencies such as Bitcoin (BTC) among other cryptocurrencies.
Max and Isracard are two Israeli-based credit card companies that offer Bitcoin purchase options.
Max and Bits of Gold, a local crypto broker, announced a collaboration to create MaxBack Crypto, a crypto-enabled credit card. Max’s official website states that the card will allow for cash back in Bitcoin and the possibility to purchase Bitcoin through Bits of Gold.
Max, formerly known as Leumi Card was a major non-banking financial institution and one of Israel’s largest credit card issuers. According to reports, the firm issued more than 1.6 million credit card and provided clearing services for over 40,000 merchants.
In collaboration with Max, we are proud to launch the MaxBack Crypto Card – Israel’s first credit card that converts your purchases into bitcoin! #BTC #Cryptocurrency#DigitalCurrency #creditcard
— Bits of gold (@BitsofGold_LTD), May 17, 2022
Max’s rival, Isracard Group is one of Israel’s largest credit card companies. It offers credit clearing services for four major credit cards brands, including American Express MasterCard, Visa, and Isracard.
Isracard is not the only one interested in crypto. It reportedly announced a partnership with Israel’s largest investment company Altshuler Shaham, on May 17.
Isracard partnered specifically with Altshuler’s cryptofocused subsidiary Altshuler Shaham Horizon in order to enable Isracard holders the ability to buy Bitcoin directly through its credit card.
Altshuler Shaham expressed interest in Bitcoin investments before. The firm invested $100 million in the Grayscale Bitcoin Trust in 2020.
Related: Top Israeli bank accepts BTC and ETH trading via Paxos collaboration
Ilan Stark, Horizon CEO, stated that “as the largest crypto company in the country we are proud to initiate this innovative collaboration which will allow public participation in the digital currency arena.” The exec said that while this area was once considered exotic in the capital market, investors and customers are now more interested in it.
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