Tel Aviv, Israel (ots) - --News Direct--
Israel’s first crypto-cashback credit card:
Max and Bits of Gold launches MaxBack Crypto
Get Bitcoin cashback on credit card purchases
Max, the Israeli super-brand credit card and payment group has signed
a strategic cooperation agreement with Bits of Gold to launch the
MaxBack Crypto VISA card that will offer Bitcoin cashback on
The cooperation will unlock a mainstream market of more than 3
million credit cards, a large number in a market with 8 million
people, like Israel
* Early registration opens *
Max Credit Cards, the Israeli payment and credit card super-brand
holding more than 3 million credit cards announced that it had signed
a strategic cooperation agreement with Bits of Gold towards launching
a new and unique VISA credit card, MaxBack Crypto, with which will
allow users to accumulate eligibility for cashback in Bitcoin
depending on their spending with the card. Upon ordering the card, a
dedicated account will be opened for the customer by Bits of Gold.
The cashback amount accumulated in NIS will be transferred, and Bits
of Gold will automatically convert it to Bitcoin. The MaxBack Crypto
will be launched in the coming weeks, subject to the completion of
regulatory requirements. Meanwhile, a preliminary registration for
updates was launched.
Also, Bits of Gold, regulated under the Israeli Capital Market
Authority, has reached agreements with the Tax Authority to
significantly ease some of the bureaucratic burdens on Israelis
interested in buying and selling digital currencies. The deal focuses
on tax deduction from sellers of digital currencies in a "closed
circuit" (directly to Bits of Gold, without accepting or passing on
to others). It stipulates that the company itself will deduct the
tax. This means that customers will be able to trade digital
currencies without the need for independent reporting to the tax
authority. At the same time, taxation will work smoothly and without
any action required from the customer.
Ron Fainaro, CEO of Max, said: “We are proud to be the first
financial entity in Israel to launch a credit card with a crypto
cashback program. The momentum and great public interest in digital
currencies developing worldwide cannot be ignored, and therefore, I
believe in the importance of us being there for our customers. We are
happy to be leaders in financial innovation in the cryptocurrency
ecosystem in collaboration with Bits of Gold, the oldest Israeli
company in this field. Together, we will provide the Israeli public,
willing to enter this innovative field cautiously, with a connection
to the world of digital currencies. With Max, anyone can own Bitcoin
and take the first steps in this new domain."
Youval Rouach, CEO of Bits of Gold, said: “I am excited with the
launch. Bitcoin and digital currencies are the new financial reality.
The MaxBack Crypto credit card is an opportunity for many Israelis to
comfortably take the first steps in this new reality, opening the
door to enjoy the possibilities that the world of digital currencies
offers. Our cooperation will allow Israelis to securely connect to
this ecosystem and hold Bitcoin with unprecedented ease. Bits of Gold
is in its tenth year of pioneering the field of digital currencies,
and we are happy to work with a large-scale financial entity like
Max, which welcomes innovation and strives towards it for its
How will it work?
Bits of Gold will automatically open a dedicated account for every
customer issuing the new credit card. Max will transfer ILS 1 to this
account for every ILS 160 spent with the card (subject to terms of
use), and these funds will be converted to Bitcoin. Holding the
Bitcoin account will not incur additional costs to the credit card
user. The market value of Bitcoin tends to fluctuate, and currently,
one Israeli shekel is worth about ten micro-bitcoins, commonly known
as bits. E.g., for monthly spending for ILS 5,000 with the MaxBack
Crypto card, they will receive about 310 bits, based on the Bitcoin
exchange rate on the day of its purchase, and these will be kept for
them in a personal wallet. In this manner, customers will be able to
accumulate Bitcoin over time, hold them safely and convert them back
into ILS and to their Israeli bank account.
Max customers will be able to track their Bitcoin balance in the Max
app and log in from there with a single click to their dedicated Bits
of Gold account. There, MaxBack Crypto cardholders will be able to
use their card to buy Bitcoin and Etherium, followed by other
currencies, at a 6% discount off the purchase fees while accruing
eligibility for additional Bitcoin cashback for these purchases. In
addition, cardholders will enjoy all the benefits Max offers its
MAX is a leading and innovative credit & payments company in Israel.
The company provides a wide range of financial solutions such as
credit, loans, advanced payments, acquiring, issuing, factoring,
insurance and more to financial institutions, merchants and
consumers. MAX has issued more than 3M cards - Visa and MasterCard
brands and it provides acquiring services for more than 40,000
merchants in Israel. Today, MAX holds the fastest growing lending
portfolio among the Israeli credit card companies.
About Bits of Gold
Bits of Gold, the largest cryptocurrency financial service provider
in Israel since 2013. BOG believes in technology & innovation and
works every day to make the crypto world accessible to everyone by
making its platform simple and secure. BOG provides easy and
regulation-compliant commercial and private services using several
payment methods suitable for everyone.
Buying digital currency will be more affordable with a credit card.
Additional great news for all credit card holders interested in
buying digital currency arises from the cooperation between Max and
Bits of Gold - from now on, buying digital currency at Bits of Gold
will be more cost-effective for Israelis, as they would be able to
pay in ILS and alleviate the conversion costs from Israeli shekels to
foreign currencies. Additionally, purchasing digital currency with a
credit card allows the currency exchange rate to be received faster
than with a wire transfer.
Digital currency trading has become a significant part of the global
economy. The global digital currency market is worth about $1.2
trillion, while all public companies in the US are currently worth
about $40 trillion. One Bitcoin is now traded at a price of about
$30,000. Crypto and blockchain start-ups are also growing
significantly as, according to a KPMG report, they raised more than $
30.2 billion in 2021, a 450% increase over 2020. In addition,
according to several sources, the amount of individual digital
currency holders continues to rise consistently, with the US leading,
with about 15% of Americans holding digital currency.
For more details:
Ilona Krashanny (MAX) +972-526290929
Nir Hirshman (Bits of Gold) +972-506205384
View source version on newsdirect.com:
2022 News Direct Corp.
Digital press kit: http://www.ots.at/pressemappe/DE152041/aom
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