Coinbase Unveils Bitcoin-Themed Amex Card with BTC Cashback

• Coinbase plans to launch an Amex card this fall, offering up to 4% Bitcoin cashback rewards.
• The card design features hexadecimal data from Bitcoin’s genesis block, created in 2009.
• Only Coinbase One subscribers will access the Amex card with no foreign transaction fees.

Coinbase is preparing to launch a new American Express credit card this fall. The product stands out for its design and purpose. Unlike most crypto-linked cards, Coinbase’s new Amex card is built around Bitcoin’s history. It connects modern spending with the cryptocurrency’s origin story. The company says the design pays tribute to Bitcoin’s first block, the Genesis Block, mined by Satoshi Nakamoto in January 2009.

A Card Etched With Bitcoin’s Genesis Data

The new card carries unique details tied to Bitcoin’s birth. It is etched with a hexadecimal data of the first block in the Bitcoin blockchain, the Genesis Block. This block marked the first block in the blockchain of Bitcoin and the first step to a decentralized financial system.

The hex code printed on the card comes directly from that original block. In computing, hexadecimal, or “hex,” is a digital numbering system. It represents the raw data that forms the foundation of Bitcoin’s code. By engraving it on the card, Coinbase turns a piece of digital history into a physical artifact.

Embedded in that first block was a famous newspaper headline. It read: “Chancellor on brink of second bailout for banks.” The headline came from The Times on January 3, 2009. The developer of Bitcoin added it as a timeline and a message. It was regarded as a criticism of the central banks and government bailout in the financial crisis.

This symbolic message has since become part of Bitcoin’s identity. It represents opposition to centralized control and conventional banking systems. With the addition of such details, Coinbase is targeting users who consider Bitcoin as more than an investment. The company is also targeting individuals who believe in its founding principles of decentralization and financial freedom.

In Bitcoin terminology, a “coinbase transaction” refers to the first transaction in a block. It generates new Bitcoin, as well as rewards miners who authenticate the block. Using this term, the company links its brand to the original process of creating Bitcoin.

Rewards, Features, and Access

The Coinbase One Amex card will be available only to subscribers of Coinbase One, the company’s paid membership program. Members will have access to special benefits, including up to 4% cashback in Bitcoin on purchases. The amount of cashback depends on the user’s asset holdings on Coinbase.

The card will not charge foreign transaction fees. Users can repay balances through linked bank accounts or with crypto held on Coinbase. It will also include traditional American Express benefits such as exclusive offers, events, and security protections.

Coinbase clarified how taxes will apply to rewards. Bitcoin cashback earned through purchases will not appear on standard 1099 tax forms. However, when such Bitcoin rewards are sold by users in the future, they might be subject to tax on profits.

This structure gives users flexibility while keeping the experience simple. Coinbase wants to make earning Bitcoin part of everyday transactions, and also expects to attract customers.

Related: Coinbase May Outbid Mastercard for $2.5B BVNK Stablecoin Buyout

A New Approach to Crypto-Linked Cards

Crypto rewards cards are not new, but Coinbase is taking a different approach. Gemini introduced a crypto credit card in 2023 that offers up to 3% cashback. It allows users to earn a variety of digital assets, including Bitcoin, Ether and Stablecoins.

Instead of presenting the card as a general spending tool, Coinbase is positioning it as a tribute to Bitcoin’s creation. The company’s design choices connect every transaction to the cryptocurrency’s founding ideals.

Coinbase has not announced an exact release date yet. The card is expected to become available to U.S. Coinbase One members in the fall. When it launches, it may stand as one of the most symbolically charged crypto credit cards ever released.

The company says the card’s goal is simple: to turn everyday spending into a connection to Bitcoin’s legacy. Each swipe will serve as a reminder of the moment when the world’s first decentralized financial network began.