Two Israeli firms, Max and Bits of Gold (BOG) have entered into a partnership deal to launch a new card, MaxBack Crypto.
The launch of the MaxBack Crypto will enable users to accumulate eligibility for Bitcoin cashback, which will be equivalent to their level of spending with the card. This is coming a month after Max partnered with London-based fintech firm Wise (formally TransferWise) to expand the global payments industry in Israel.
Each New Card User Will Have Dedicated Account
Max stated that once a user orders the card, they will have a dedicated account from Bits of Gold, while the accumulated cashback amount will be transferred and converted to Bitcoin. This makes it easier for the users to spend the accumulated amount.
Both firms are still finalizing the partnership deal, but the MaxBack Crypto Card will be rolled out in the coming weeks after regulatory approvals.
Chief Executive Officer of BOG, Youval Rouach, stated that the new crypto card provides an opportunity for Israelis to make their first move into the world of digital currencies. With the partnership, Israelis will be able to securely link to the digital ecosystem while holding Bitcoin without any hassles.
Israelis To Easily Connect To The World Of Digital Currencies
Chief Executive Officer of Max, Ron Fainaro, while commenting on the partnership, noted that the firm is the first company in Israel to launch a credit card with a crypto cashback program.
“We are happy to be leaders in financial innovation in the cryptocurrency ecosystem in collaboration with Bits of Gold,” he added. Fainaro stated that the partnership will enable both firms to provide a safe start for Israelis that want to enter the industry as they connect to the world of digital currencies.
Max will transfer ILS 1 to each new account once the Maxback Crypto Card is issued. This will apply to each new account created for it every ILS spend with the card, according to the Israeli firms. Also, the fund will be converted immediately to Bitcoin, but the credit card user will not incur any cost for holding the Bitcoin account.