Israeli payments firm,
Max, has entered a strategic cooperation agreement with the country’s largest
cryptocurrency financial service provider, Bits of Gold (BOG) to launch a new
card, MaxBack Crypto.
The new move follows Max’s partnership last month with London-based
financial technology company, Wise (formerly TransferWise), to open up Israelis to the global payments industry.
With the new card,
users will be able to accumulate eligibility for Bitcoin cashbacks which corresponds to their levels of their spending with the card, the
companies said.
“Upon ordering the card,
a dedicated account will be opened for the customer by Bits of Gold. The
cashback amount accumulated in NIS will be transferred, and Bits of Gold will
automatically convert it to Bitcoin,” the firms said in the statement.
The MaxBack Crypto Card will be launched in the coming weeks, subject to the
completion of regulatory requirements, they further disclosed.
Ron Fainaro, the Chief
Executive Officer of Max, said his company is the first entity in Israel to
launch a credit card with a crypto cashback programme.
He said,
“We are happy to be leaders in financial innovation in the cryptocurrency
ecosystem in collaboration with Bits of Gold, the oldest Israeli company in
this field.
“Together, we will
provide the Israeli public, willing to enter this innovative field cautiously,
with a connection to the world of digital currencies.”
On his part, Youval
Rouach, the CEO of BOG, noted that the MaxBack Crypto Credit Card is an opportunity
for many Israelis to take their first dive into the world of digital currencies.
“Our cooperation will
allow Israelis to securely connect to this ecosystem and hold Bitcoin with
unprecedented ease,” Rouach added.
The MaxBack Crypto Card
When a MaxBack Crypto
Card is issued, Max will transfer ILS 1 to the new account created for it for every ILS
160 spent with the card, the companies said.
The new fund will then be converted to Bitcoin. Holding the Bitcoin account will not incur additional costs to the credit card
user, they also noted.
“The market value of
Bitcoin tends to fluctuate, and currently, one Israeli shekel is worth about
ten micro-bitcoins, commonly known as bits. E.g., for a monthly spending
of ILS 5,000 with the MaxBack Crypto card, they [users] will receive about 310 bits, based
on the Bitcoin exchange rate on the day of purchase, and these will be kept
for them in a personal wallet,” the companies explained in the joint
statement.
Over time, the companies further said, customers will accumulate bitcoins that they can safely hold and
convert back into ILS and send to their Israeli bank accounts.
Israeli payments firm,
Max, has entered a strategic cooperation agreement with the country’s largest
cryptocurrency financial service provider, Bits of Gold (BOG) to launch a new
card, MaxBack Crypto.
The new move follows Max’s partnership last month with London-based
financial technology company, Wise (formerly TransferWise), to open up Israelis to the global payments industry.
With the new card,
users will be able to accumulate eligibility for Bitcoin cashbacks which corresponds to their levels of their spending with the card, the
companies said.
“Upon ordering the card,
a dedicated account will be opened for the customer by Bits of Gold. The
cashback amount accumulated in NIS will be transferred, and Bits of Gold will
automatically convert it to Bitcoin,” the firms said in the statement.
The MaxBack Crypto Card will be launched in the coming weeks, subject to the
completion of regulatory requirements, they further disclosed.
Ron Fainaro, the Chief
Executive Officer of Max, said his company is the first entity in Israel to
launch a credit card with a crypto cashback programme.
He said,
“We are happy to be leaders in financial innovation in the cryptocurrency
ecosystem in collaboration with Bits of Gold, the oldest Israeli company in
this field.
“Together, we will
provide the Israeli public, willing to enter this innovative field cautiously,
with a connection to the world of digital currencies.”
On his part, Youval
Rouach, the CEO of BOG, noted that the MaxBack Crypto Credit Card is an opportunity
for many Israelis to take their first dive into the world of digital currencies.
“Our cooperation will
allow Israelis to securely connect to this ecosystem and hold Bitcoin with
unprecedented ease,” Rouach added.
The MaxBack Crypto Card
When a MaxBack Crypto
Card is issued, Max will transfer ILS 1 to the new account created for it for every ILS
160 spent with the card, the companies said.
The new fund will then be converted to Bitcoin. Holding the Bitcoin account will not incur additional costs to the credit card
user, they also noted.
“The market value of
Bitcoin tends to fluctuate, and currently, one Israeli shekel is worth about
ten micro-bitcoins, commonly known as bits. E.g., for a monthly spending
of ILS 5,000 with the MaxBack Crypto card, they [users] will receive about 310 bits, based
on the Bitcoin exchange rate on the day of purchase, and these will be kept
for them in a personal wallet,” the companies explained in the joint
statement.
Over time, the companies further said, customers will accumulate bitcoins that they can safely hold and
convert back into ILS and send to their Israeli bank accounts.
