American Express CEO doesn’t see crypto as a means of payment

The CEO of American Express shared his stance on the crypto industry and explained why they are not considering integrating crypto-related services. 

At present, Visa & Mastercard companies are rapidly doing partnerships to bring advancement in their payment system and also to sustain their future in the advanced blockchain industry. For example, Mastercard partnered with Bakkt to give crypto services. But here American Express is not giving its support to the crypto industry through its services. 

In the latest interview with Yahoo Finance, American Express CEO Stephen Squeri said that he sees crypto assets as gold class assets. 

“You know, I sort of view it as gold”

But further Stephen explained that crypto-assets can’t be used in the payment system. And also crypto assets will not get success to take over fiat as a means of payment option. All this is because of volatility. 

After that, the CEO explained why they are not integrating crypto payments in their services. According to Stephen, American Express can’t integrate crypto services shortly.

“Probably not going to see an Amex crypto-linked card anytime soon”

The main reason to keep crypto away from American Express is that crypto & stock assets are not made for payment purposes. And Credit cards have use cases in payments except for buying gold or stock assets. 

However, Stephen added that Company is looking at the Central Bank Digital Currency development more closely. And also the company is taking a small interest in the StableCoins. 

The whole interview of Stephen with Yahoo finance indicated that Company supports the crypto & blockchain industry but they can’t adopt crypto assets based services but surely in future, they will add StableCoins or CBDCs based payment systems. 

Read also: MasterCard & Bakkt partnered to provide crypto service