Max, a credit card company based in Israel, has entered a partnership with digital currency company Bits of Gold to unveil the new Max Back Crypto Visa credit card that’s set to allow users to earn bitcoin cash back rewards on all purchases.
Max Is Allowing the People of Israel to Earn Crypto
Max will grant as many as eight million people the chance to begin earning crypto and build their digital rewards portfolios. The card is now available for those looking to take advantage of early registration.
Ron Fainaro, CEO of Max, explained in a statement:
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, also threw his two cents into the mix, commenting:
I am excited about the launch. Bitcoin and digital currencies are the new financial reality. The Max Back 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 clients.
Relieving People of Additional Taxes
Anyone who orders the card will have an account opened in their name that will allow for rewards transfers by Bits of Gold. The digital currency that all credit card users are slated to earn will be an altcoin called NIS, though Bits of Gold will then convert it to BTC. At the time of writing, the card is still undergoing a few regulatory protocols, though executives are confident they will be passed in the coming weeks.
Bits of Gold is regulated under the Israeli Capital Market Authority. It has entered into an agreement as of late with the Tax Authority of Israel as a means of cutting some of the red tape that has prevented Israel from fully entering the crypto market. The goal is to reduce taxes owed by both crypto sellers and buyers within the region.