Cryptocurrency payments will become a reality in the future, but they are currently not cost effective. About it in an interview Cointelegraph said Gonzalo Pérez del Arco, director of government relations at American Express in Southern Europe.
According to him, at the moment, crypto payments are not relevant for a number of reasons, including due to high transaction costs and the unwillingness of merchants to accept digital assets.
He noted that the company is interested in using cryptocurrencies and is working in this direction.
“Because this is the right direction that competitors in the market are picking up,” he added.
Pérez del Arco said American Express is betting “big” on cryptocurrencies with investments and development of multiple use cases through its venture arm Amex Ventures.
As an example, he cited the recent launch by the Abra platform of a cryptocurrency gift card under the Membership Rewards program.
A spokesman for American Express clarified that the company’s decision not to delve into crypto payments yet has a lot to do with regulation.
“Membership rewards are something relatively easy to operate and low risk compared to other payment transactions using cryptocurrencies,” he stressed.
Recall that in 2020, American Express invested in the FalconX cryptocurrency platform focused on institutional investors. In 2021, the payment company increased investments during the Series C round in the amount of $210 million.
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Cryptocurrency payments will become a reality in the future, but they are currently not cost effective. About it in an interview Cointelegraph said Gonzalo Pérez del Arco, director of government relations at American Express in Southern Europe.
According to him, at the moment, crypto payments are not relevant for a number of reasons, including due to high transaction costs and the unwillingness of merchants to accept digital assets.
He noted that the company is interested in using cryptocurrencies and is working in this direction.
“Because this is the right direction that competitors in the market are picking up,” he added.
Pérez del Arco said American Express is betting “big” on cryptocurrencies with investments and development of multiple use cases through its venture arm Amex Ventures.
As an example, he cited the recent launch by the Abra platform of a cryptocurrency gift card under the Membership Rewards program.
A spokesman for American Express clarified that the company’s decision not to delve into crypto payments yet has a lot to do with regulation.
“Membership rewards are something relatively easy to operate and low risk compared to other payment transactions using cryptocurrencies,” he stressed.
Recall that in 2020, American Express invested in the FalconX cryptocurrency platform focused on institutional investors. In 2021, the payment company increased investments during the Series C round in the amount of $210 million.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
