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AMEX CEO Says Crypto Is Unlikely a Threat to Traditional Credit Cards

AMEX CEO Says Crypto Is Unlikely a Threat to Traditional Credit Cards

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Traditional bank card funds will maintain agency amid the expansion of cryptocurrencies, American Express CEO Stephen Squeri predicted on the corporate’s third-quarter earnings name Friday.

  • Unlike crypto, conventional bank cards supply purchasers rewards, service, means for disputing fees, together with the flexibility to lengthen credit score, Squeri stated.
  • Squeri stated he sees cryptocurrency way more as an asset class right now, including purchasers don’t use AMEX to “buy stock” and doesn’t see them specializing in shopping for crypto both.
  • Squeri stated he sees a position for digital currencies nonetheless, including they will make cross-border funds “a lot more seamless”
  • Currently, AMEX’s largest position within the house is within the NFT and stablecoins universes, Squeri stated, citing the cardboard’s utilization to purchase digital collectables resembling NBA Top Shot.

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