American Express credit card users in the future is expected to buy bitcoin by Abra
According to the report, from yesterday, bitcoin remittance application of Abra users and new customers will be able to choose to use American Express card to buy bitcoin.
Between the two companies a month long integration process involves Abra technology related to its business process to share its partners and investors, the relationship between the two companies more closely.
However, founder and CEO of Abra BillBarhydt believes that the final result of this effort is likely to accelerate the process of global bitcoin.
Barhydt: “in order to do this, Abra must be an American Express processor inside, because we directly use the American Express card, no third party acquirer.”
This means that enable American Express card users can now buy service every day to buy up to $200 bitcoin, a monthly $1000 bitcoin, a fee of 4%.
Barhydt Abra aims to cover their costs, the company said, the venture is not expected to have any income from the fees, but profit from management between dollars and bitcoin exchange rate.
Abra in a few weeks before the launch yesterday, American Express and Abra employees, investors have been testing integration. In spite of the test, but the rest of the Abra customer will not get into the American Express purchase license until the initial user safely complete the purchase.
Meet the conditions of the American Express card includes the consumer card, the third party issued by American Express card and American Express reloadable prepaid cards.
Barhydt said that in order to accomplish this for several months, the two companies into the “major” resources at the technical level, to ensure that the parties to the transaction transaction security.
Barhydt said that his company is required to disclose and exchange partners to cooperate and informed the customer process.
After AmericanExpressVentures and other companies have raised $14 million in venture capital, Abra can now be stored bitcoin funds for its customers and legal tender, and Bank of America, CapitalOne and Chase bank, and CharlesSchwab, Fidelity and Wells Fargo credit cooperatives.
With American Express rivals Visa and Mastercard are tested using the Blockchain and Abra partnership also means the whole industry search can improve the efficiency and speed of technology brings.