Israel-based companies Max (a payments firm) and Bits of Gold (BOG) (a financial services company) have collaborated to launch the MaxBack credit card, a credit card that offers BTC cashback. Before this deal, Max partnered with Wise (previously known as Transferwise) to enable Israelis to complete financial settlements outside the country seamlessly.
Highlights Of The Partnership Deal
However, the MaxBack crypto card will make holders eligible for BTC cashback. Their eligibility will depend on the volume of transactions they carry out with the card.
Part of the official statement regarding the card’s launch stated that “BOG will open a special account for each customer that orders the MaxBack crypto card. The cashback earnings will be accumulated in NIS. Then, BOG will convert the earnings to BTC automatically.”
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The joint statement from both partners also revealed that once they complete the regulatory requirements, they will announce the official launch of the MaxBack crypto back, but it won’t exceed the next few weeks. While speaking about the card, Max CEO, Ron Fainaro, claimed that the firm is the first Isreal-based to launch this credit card.
Fainaro added that “we are excited to be the frontrunners in fintech innovations in the crypto space in partnership with BOG, Israel’s oldest financial services firm.” He also said, “we will deploy our collective efforts to guide interested Israelis willing to invest in the crypto space on the necessary steps to take.”
BOG CEO, Youval Rouach, also echoed Fainaro’s words and added that many Israelis could use this card as an opportunity to explore the digital asset world. Roauch also said, “our collaboration will enable Israelis to have a safe pathway to holding cryptos easily.”
Details About The Maxback Crypto Card
When a user orders for the MaxBack crypto card, Max will give such holders 1 ILS for every 160 ILS that the holder spends. The 1 ILS will be deposited into the BOG account created when the holder orders the card. BOG will convert the ILS to BTC automatically. However, the cardholder won’t be charged for holding the BTC.
The joint announcement further stated that “1 ILS is worth almost ten micro-BTC, called bits. These Bits would be the store of value for crypto cashback. The Bits are used because of the huge fluctuation of BTC value.” The joint statement further stated that “suppose a cardholder maxes out the card’s limit of 5,000 ILS.
The maximum bits that a cardholder can earn in cashback is 310 bits, determined by the BTC exchange rate on the purchase date. BOG will keep the earnings of each holder in their BOG wallets.”
“With time, the holders will earn enough BTC they can successfully convert to ILS and transfer to their local bank accounts,” the announcement further revealed.