Crypto Off the Table for American Express
(28 January 2022 – United States) Crypto-linked payments are not high on the priority list for AmEx (American Express) according to comments made by the group’s CFO and CEO during their latest Q4 2021 earnings call.
When asked if AmEx’s global technology stack, blockchain and crypto are on the company's radar as potential disruptors to payment rails, AmEx CFO Jeff Campbell commented that he believes the investment AmEx has made in talent is worth it.
"Our experience through this period has reinforced our conviction that investing strategically in our customers brand and talent is absolutely critical driving high levels of growth. We’ve seen that play out in the results we delivered throughout 2021” Campbell stated.
“We watch cryptocurrencies, we think about the spectrum of digital currencies. We think about crypto, stable coins Central Bank digital currency. At this particular point in time, we view cryptocurrency more as an asset class. I mean, you’ve just seen Bitcoin go from US$68,000 a coin to US$34,000 a coin. We’ve got investments in blockchain companies to constantly look at it and figure out if there are use cases for us."
“When it comes to NFTs, we’re partnering with the NBA and Top Shot. We’ll look at ways to get involved. But as I’ve said, we’re probably not going to offer a crypto card. We keep our eye on cryptocurrency in case it becomes more stable. But right now, I don’t see it as an immediate or medium-term threat to our business”
American Express CEO Stephen Squeri shares Campbell’s sentiment. But he also said that crypto isn’t exactly a currency. "What I've said from the beginning is that cryptocurrencies are really an asset class like gold or like silver,” Squeri told Yahoo Finance. "Look at Bitcoin, which is a good bellwether, it's down 50 percent in two months. How do you call it a currency?"