It might not be a great time for the Bitcoin and crypto markets, but behind the scenes, worldwide adoption is proceeding at an unprecedented speed.
While the crypto market pulls the oars into the boat, there are some excellent signals coming from across the planet. Two credit cards in Israel are going to give Bitcoin cashback to customers. This is of course very bullish news.
The two groups—Max and Bits of Gold have issued over 3 million credit cards and are one of the most important conglomerates in the country. So the news is very important for Bitcoin because they plan to launch a new VISA card which will have as its main feature the possibility of receiving cashback directly in Bitcoin—the so-called MaxBack Crypto. The cashback is currently expected to be around 0.625%, which is slightly below the traditional fiat cashback, but still pretty good and certainly pioneering.
The launch should take place during the next few weeks, since it would be waiting for approval from the local regulator, like any type of financial product of this kind. However, customers can already pre-order the card by expressing interest in the mechanism that will allow them to recover part of the money spent in Bitcoin.
It is certainly not the first time that we are faced with such a mechanism, but it is the first time that we have seen it implemented by very important circuits that have such a large number of customers. As part of the agreement, MAX has also teamed up with Beats of Gold to let customers use any Israeli credit card to buy bitcoin and other cryptocurrencies as long as the transaction is cleared in Israel.
We are proud to be the first financial entity in Israel to launch a crypto cashback card. The great interest on the part of the public for digital currencies worldwide cannot be ignored and therefore we believe in the importance of being there together with our customers.
This is the comment of MAX Credit Cards’ CEO Ron Fainaro, who explained in a press release what the intentions of the company are. He continues saying that:
We are happy to be a leader in financial innovation in the crypto ecosystem in collaboration with Bits of Gold, the oldest company in this sector. Together we will be able to offer the Israeli public the opportunity to tiptoe into this world, with a direct connection to the world of digital currencies. With Max, everyone will be able to own Bitcoin and take their first steps in this new sector.
The markets are not pushing as they should and many are expecting a few more weeks of lateral movements and difficulties for Bitcoin to take off again. But this news is certainly very good for long-term holders because on the one hand it will increase the adoption and curiosity of users regarding Bitcoin, while on the other hand, it could push large companies like Max to make big purchases. So while it is true that the market does not offer us a very good outlook in the short term, it’s still very important to look at the big picture.