Max and Isracard, two Israeli credit card firms, have begun developing Bitcoin investment and reward alternatives via credit cards.
Financial institutions in Israel are becoming more interested in cryptocurrencies such as Bitcoin (BTC), with two rival credit card companies developing BTC investment and cashback capabilities.
According to the local news source Calcalist, two Israeli credit card providers, Max and Isracard, have formed relationships with crypto-related sites to allow users to purchase Bitcoin.
Max announced a partnership with local crypto broker Bits of Gold to offer MaxBack Crypto, a crypto-enabled card. According to Max’s official website, the card will give BTC rewards as well as the possibility to buy Bitcoin through Bits of Gold’s clearing arrangement.
Max, formerly known as Leumi Card, is a prominent non-banking financial organization and one of Israel’s leading credit card processors and issuers. According to reports, the company has issued 1.6 million credit cards and offers clearing services to over 40,000 businesses.
Isracard Group, Max’s competitor, is one of Israel’s largest credit card corporations, providing credit clearing services to four major credit card brands: American Express, MasterCard, Visa, and Isracard.
Isracard is also getting into crypto, apparently announcing a cooperation with Israel’s largest investment firm Altshuler Shaham on Tuesday.
Isracard expressly collaborated with Altshuler’s crypto-focused subsidiary Altshuler Shaham Horizon to enable Isracard holders to purchase Bitcoin directly using their credit card.
Altshuler Shaham has already showed interest in Bitcoin investment, with the business investing $100 million in the Grayscale Bitcoin Trust in 2020.
“As the country’s largest crypto firm, we are happy to establish this creative cooperation that will allow the general people to participate in the digital currency field,” Horizon CEO Ilan Stark stated. “Whereas in the past this field belonged to the exotic sector of the capital market, today we notice increasing interest from investors and customers,” the executive noted.