AmEx just made its first bitcoin investment
http://qz.com/533160/amex-just-made-its-first-bitcoin-investment/
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Credit card companies and banks are getting serious—or at least more curious—about the potential of bitcoin, making an increasing number of investments in startups involved with the digital currency.
American Express late last week confirmed it participated in a $12 million Series A funding round for Abra, a service that makes it easier to send money between countries using the technology underlying bitcoin, called blockchain. Cross-border money transfers are viewed as an area where the technology could be particularly useful, given that conventional methods are costly and slow.
The move by AmEx—its first investment in the digital currency—underscores how traditional financial institutions are at least taking initial steps toward understanding and incorporating bitcoin into some aspects of their business. However, they’re still wary about diving in headfirst, due to an unclear regulatory environment and a lack of mainstream interest.
American Express late last week confirmed it participated in a $12 million Series A funding round for Abra, a service that makes it easier to send money between countries using the technology underlying bitcoin, called blockchain. Cross-border money transfers are viewed as an area where the technology could be particularly useful, given that conventional methods are costly and slow.
The move by AmEx—its first investment in the digital currency—underscores how traditional financial institutions are at least taking initial steps toward understanding and incorporating bitcoin into some aspects of their business. However, they’re still wary about diving in headfirst, due to an unclear regulatory environment and a lack of mainstream interest.