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Max and Isracard, two Israeli credit card firms, have begun developing Bitcoin investment and cashback alternatives via credit cards.
Financial institutions in Israel are becoming more interested in cryptocurrencies such as Bitcoin (BTC), with two competing 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 platforms 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 major non-banking financial institution and one of Israel's leading credit card processors and issuers. According to reports, the company has issued 1.6 million credit cards and provides clearing services to over 40,000 businesses.
We are excited to launch, in collaboration with Max the MaxBack Crypto card - the first credit card in Israel that turns your purchases into Bitcoin!#BTC #Cryptocurrency #DigitalCurrency #creditcard
— Bits of Gold (@BitsofGold_LTD) May 17, 2022
Isracard Group, a competitor of Max, is one of Israel's largest credit card companies, providing credit clearing services to four major credit card brands: American Express, MasterCard, Visa, and Isracard.
Isracard isn't ignoring cryptocurrency either, purportedly establishing a cooperation with Israel's largest investment firm, Altshuler Shaham, on Tuesday.
Isracard has teamed with Altshuler's crypto-focused subsidiary Altshuler Shaham Horizon to allow Isracard cardholders to buy Bitcoin using their credit cards.
Altshuler Shaham has already showed interest in Bitcoin investment, putting $100 million in the Grayscale Bitcoin Trust in 2020, as previously reported.
Horizon CEO Ilan Stark said, "As the country's premier crypto company, we are happy to introduce this creative collaboration, which will allow the general public to participate in the digital currency sector." "While this field used to be considered unusual in the capital market, we are seeing increasing interest from investors and customers," the executive noted.
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