Status Money to launch card with crypto rewards

Embedded finance platform Railsbank has teamed up with personal finance company Status Money to launch a cashback credit card that automatically invests rewards in cryptocurrency.

The new card will enable customers to turn their everyday spending habits into crypto investments.

It allows cardmembers to earn 2 per cent unlimited cashback rewards on every purchase and automatically invests the rewards in crypto by default.

“We’re giving everyone who spends money the ability to become an investor automatically,” said Majd Maksad, co-founder and chief executive, Status Money. “If cryptocurrencies continue their skyward adoption, a member who spends $1,000 a month on this card will have rewards worth over $60,000 in five years. This is life-changing money for most of us.”

Dov Marmor, chief operating officer, Railsbank: “There are simple reasons for this. Until now, issuing credit cards was an extremely complex and expensive business requiring vast technological infrastructure that meets heavy regulatory compliance.”

Status Money launched its crypto rewards programme earlier this month, the credit card will follow soon.

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.