Status Money to launch card with crypto rewards

Embedded finance platform Railsbank has teamed up with personal finance company Status Money to launch a cashback credit card that automatically invests rewards in cryptocurrency.

The new card will enable customers to turn their everyday spending habits into crypto investments.

It allows cardmembers to earn 2 per cent unlimited cashback rewards on every purchase and automatically invests the rewards in crypto by default.

“We’re giving everyone who spends money the ability to become an investor automatically,” said Majd Maksad, co-founder and chief executive, Status Money. “If cryptocurrencies continue their skyward adoption, a member who spends $1,000 a month on this card will have rewards worth over $60,000 in five years. This is life-changing money for most of us.”

Dov Marmor, chief operating officer, Railsbank: “There are simple reasons for this. Until now, issuing credit cards was an extremely complex and expensive business requiring vast technological infrastructure that meets heavy regulatory compliance.”

Status Money launched its crypto rewards programme earlier this month, the credit card will follow soon.

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