{"id":63610,"date":"2022-06-28T17:45:08","date_gmt":"2022-06-28T14:45:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63610"},"modified":"2025-09-06T09:58:06","modified_gmt":"2025-09-06T06:58:06","slug":"american-express-weighs-the-prospects-for-crypto-payments","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/american-express-weighs-the-prospects-for-crypto-payments\/","title":{"rendered":"American Express weighs the prospects for crypto payments"},"content":{"rendered":"<p>Crypto payments will become a reality in the future, but at present they are economically inefficient. In an interview with <a href=\\\"https:\/\/cointelegraph.com\/news\/ecb-exclusive-crypto-payments-not-currently-cost-effective-amex-exec-says\\\">Cointelegraph<\/a>, Gonzalo P\u00e9rez del Arco, American Express&#8217;s director of government affairs for Southern Europe, said.<\/p>\n<p>\\n\\n<\/p>\n<p>According to him, crypto payments are not yet viable for a number of reasons, including high transaction costs and merchants&#8217; reluctance to accept digital assets.<\/p>\n<p>\\n\\n<\/p>\n<p>He noted that the company is keen to use cryptocurrencies and is working in this direction.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cBecause this is the right direction that competitors in the market are embracing,\u201d he added.<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>P\u00e9rez del Arco said American Express is making a \u201cbig bet\u201d on cryptocurrencies, with investments and development of several use cases through its venture arm, Amex Ventures.<\/p>\n<p>\\n\\n<\/p>\n<p>As an example, he cited the recent launch <a href=\"https:\/\/forklog.com\/en\/news\/abra-closes-55-million-series-c-round\">the Abra platform<\/a> cryptocurrency gift card under the Membership Rewards program.<\/p>\n<p>\\n\\n<\/p>\n<p>The American Express spokesperson clarified that the decision not to delve deeper into crypto payments for now is largely due to regulation.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cMembership rewards are relatively straightforward to operate and carry relatively low risk compared with other cryptocurrency-based payment transactions,\u201d he stressed.<\/p>\n<\/blockquote>\n<p>\\n\\n<\/p>\n<p>As reported, in 2020 American Express <a href=\"https:\/\/forklog.com\/en\/news\/american-express-invested-in-a-cryptocurrency-company\">invested<\/a> in FalconX, an institutional-focused cryptocurrency platform. In 2021 the payments company <a href=\"https:\/\/forklog.com\/en\/news\/falconx-raises-210-million-at-a-3-75-billion-valuation\">increased its investment<\/a> in a Series C round to $210 million.<\/p>\n<p>\\n\\n<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 crypto news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto payments will become a reality in the future, but at present they are economically inefficient. In an interview with Cointelegraph, Gonzalo P\u00e9rez del Arco, American Express&#8217;s director of government affairs for Southern Europe, said.<\/p>\n","protected":false},"author":1,"featured_media":63611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2068,1198,1138],"class_list":["post-63610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-american-express","tag-crypto-payments","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=63610"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63610\/revisions"}],"predecessor-version":[{"id":63612,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63610\/revisions\/63612"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/63611"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=63610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=63610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=63610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}