Max and Isracard, two Israeli credit card firms, have begun developing credit card-based investment and reward options for Bitcoin.
With two rival credit card companies working on Bitcoin investment and cashback features, financial institutions in Israel are rapidly embracing cryptocurrencies like Bitcoin (BTC).
The local news source Calcalist reported on Tuesday that two Israeli credit card providers, Max and Isracard, have signed agreements with crypto-related sites to enable cardholders to buy Bitcoin.
A crypto-enabled credit card dubbed MaxBack Crypto was introduced in conjunction with a partnership between Max and local crypto broker Bits of Gold. Cashback in Bitcoin and the ability to acquire Bitcoin via Bits of Gold are two of the card’s features, according to its official site.
Max, formerly known as Leumi Card, is a prominent non-bank financial organisation in Israel and one of the country’s leading credit card processors and issuers. More than 40,000 businesses rely on the clearing services provided by the company, which issued 1.6 million credit cards each year.
Isracard Group, one of Israel’s largest credit card firms, provides credit clearing services to American Express, MasterCard, Visa, and Isracard. ‘Max’s rival’
Cooperation between Isracard and Israel’s largest investment firm, Altshuler Shaham, was apparently announced on Tuesday as well.
Altshuler Shaham Horizon, a crypto-focused subsidiary of Altshuler, teamed with Isracard to enable its cardholders to buy Bitcoin using their credit cards. Previously, Altshuler Shaham invested $100 million into the Grayscale Bitcoin Trust in 2020.
He said, “We are excited about this partnership with Horizon, the top crypto startup in the nation, which will enable the general population to become involved in digital currency.” When it was first introduced to the market, it was considered “exotic,” but now investors and buyers alike are paying attention, one exec said.
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