Buy on credit and get back Bitcoin: MAX launches new card
The credit card company announced that it has signed a partnership with Bits of Gold, as part of which it will launch a new credit card that will restore users' entitlement to accumulate Bitcoin, depending on the turnover of transactions they make with the credit card.
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Tuesday, 17 May 2022, 09:32 Updated: 10:33
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Meet the new credit card called MaxBack Crypto - a card that will offer its customers to accumulate eligibility for Bitcoin (Bitcoin) depending on the turnover of credit card transactions.
Upon ordering the card, a dedicated account will be opened for the customer by Bits of Gold, to which the amount accumulated in NIS will be transferred and Bits of Gold will automatically convert it to Bitcoin parts. The MaxBack Crypto card will be launched in the coming weeks, subject to completion For updates.
Ron Painero, CEO of Max, said:
"We are proud to be the first financial entity in Israel to launch a credit card with a cryptocurrency accrual program. We are there for our customers. "
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Ron Painero, CEO of Max (Photo: Hadar Dolan)
Connection to the world of digital currencies
"We are happy to lead the world of financial innovation in the world of crypto in cooperation with Bits of Gold, the oldest company in Israel in the field. Together we will allow the Israeli public, who want to enter the innovative field in a measured way, to connect to the world of digital currencies. The first steps in this world, "Painero added.
Yuval Roash, CEO of Bits of Gold
: “I am excited for the launch, Bitcoin and digital currencies are the new financial reality.
The MaxBack Crypto credit card is the opportunity for a huge part of Israelis to take the first steps comfortably in this financial reality and opens the door for them to enjoy the possibilities that the world of digital currencies has to offer.
The cooperation will allow Israelis to connect to this reality securely, and hold Bitcoin with unprecedented ease. "
Roash added: "As a breakthrough in this world for the tenth year, we are pleased to work with a significant financial entity such as Max, which looks innovation in the eyes and gallops in the direction, for its clients."
Yuval Roash, CEO of Bits of Gold (Photo: Ronen Goldman)
How will it work?
Bitcoin has a value that varies according to its value in the market, today one shekel is worth about 10 micro-bitcoins, in the common name bits, so for example monthly purchases in the amount of NIS 5,000 on the MaxBack Crypto card will be purchased for customers, about 310 bits based on the bitcoin price on the day of purchase. For them in the wallet.
In this way, customers will be able to accumulate Bitcoin parts over time, hold them safely and convert them into NIS back to their Israeli bank account.
Max customers will be able to track the balance of bitcoin they have accumulated in the Max app, and log in with one click to an account in Bits of Gold.
In the account opened, MaxBack Crypto cardholders will be able to buy Bitcoin, Etherium and other currencies with this card, at a 6% discount on the digital currency purchase process, and even accumulate eligibility for additional Bitcoin for these purchases.
In addition, cardholders will enjoy the indulgence and benefits program of max.
Screenshot: Bitcoin balance in the Max app (Photo: MAX screenshot)
No cost of currency exchange
Another line for all credit card holders interested in purchasing digital currencies, thanks to the collaboration between Max and Bits of Gold, is that purchasing digital coins in Bits of Gold by credit card will be more affordable as it is now possible to pay directly in shekels without the cost of currency conversion. To date, credit card purchases have made it possible to receive the currency exchange rate faster than a bank transfer purchase.
Digital currency trading has become a significant part of the global economy. The global digital currency market is currently worth about $ 1.2 trillion. All public companies in the US are currently worth about $ 40 trillion, one bitcoin is currently traded at a price of about $ 30,000.
Leave you with points, go for Bitcoin ... (Photo: ShutterStock)
450% jump in capital raising
Crypto and blockchain start-ups are also seeing growth, with KPMG reporting that they raised more than $ 30.2 billion in 2021, a 450% jump over 2020. In addition, according to several sources, the amount The private individuals who hold digital currencies continue to rise consistently, with the U.S. leading, with about 15%.
Bits of Gold, which is supervised under the Capital Market Authority, has reached agreements with the Tax Authority with the aim of significantly easing some of the bureaucratic burden that currently bothers Israelis interested in buying and selling digital currencies.
The agreement deals with the manner of tax deduction that will be deducted for those who sell digital coins in "closed circuit" (directly in front of Bits of Gold without receiving or transferring to others), and stipulates that it will be deducted directly by the company.
This means that customers will be able to trade in digital currencies without the need for independent reporting to the tax authority and the taxation process will work easily and without any action required by the customer.