Israel’s financial firms are getting deeper into cryptocurrencies like Bitcoin (BTC), and two competing credit card companies are working on investing in BTC and cashing back.
Two Israel-based credit card companies, Max and Isracard, have partnered with cryptocurrency-related platforms to allow cardholders to purchase Bitcoin.local news agency Calcalist reported on Tuesday.
Max announced a collaboration with local crypto broker Bits of Gold to launch a crypto-enabled card called MaxBack Crypto. According to Max’s official website, the card will offer BTC cashback opportunities, as well as the option to purchase Bitcoin through a Bits of Gold clearing agreement.
Formerly known as Leumi Card, Max is one of the largest credit card processors and issuers in Israel and a major non-bank financial institution. The company has reportedly issued 1.6 million credit cards and provides clearing services to more than 40,000 merchants.
— Bits of Gold (@BitsofGold_LTD) May 17, 2022
We are excited to launch, in collaboration with Max, the MaxBack Crypto Card, the first credit card in Israel that converts your purchases into Bitcoin!
Max’s competitor, Isracard Group, is one of the largest credit card companies in Israel, offering credit clearing services to four major credit card brands, including American Express, MasterCard, Visa and Isracard.
Isracard is not shying away from cryptocurrencies either, as it also reportedly announced a partnership with major Israel investment firm Altshuler Shaham on Tuesday.
Isracard specifically partnered with Altshuler Shaham Horizon, a cryptocurrency-focused affiliate, to allow Isracard holders to purchase Bitcoin directly through their credit card.
As previously reported, Altshuler Shaham has expressed interest in investing in Bitcoin before, with the firm investing $100 million in the Grayscale Bitcoin Trust in 2020.
“As a leading cryptocurrency company in the country, We are proud to launch this innovative collaboration, which will allow the general public to join the field of digital currencies”said Horizon CEO Ilan Stark. “If in the past this field belonged to the exotic part of the capital market, today we see more and more interest from investors and clients,” added the executive.
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