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"We continue to compete and win new programs that expand our reach and offer growth opportunities," Bread Financial CEO Ralph Andretta said.
Crypto.com, one of the largest global cryptocurrency exchanges, plans to launch its first credit card powered by Columbus-based Bread Financial Holdings Inc.
Based in Hong Kong, the crypto trading platform and app has offered a prepaid Visa card since 2021. True credit backed by Bread’s Comenity Bank is expected to roll out this summer, according to a press release.
“We continue to compete and win new programs that expand our reach and offer growth opportunities,” Bread CEO Ralph Andretta told analysts in prepared remarks on an earnings webcast Thursday.
“It’s what we do best, win partnerships,” Andretta said on the call. “They’ve got millions of U.S. customers that are engaged with the company. Their rewards program is pretty robust and going to be managed by them.”
Bread’s “tech-forward” offerings made it the choice for a new payment option for Crypto.com customers, Joe Anzures, the exchange’s general manager of Americas and executive vice president of payments, said in the release.
“We demonstrated to them our technology is up to snuff,” Andretta told analysts, including Bread’s mobile apps and customer service.
The card’s “straightforward” tiered rewards program “will help even the most novice trader maximize their investments with every purchase, while enabling experienced traders to incrementally stack gains over time,” Val Greer, Bread’s executive vice president and chief commercial officer, said in the release.
Customers use crypto.com to buy and trade cryptocurrency, converting dollars from their bank or traditional credit cards, according to its website. Similar to the preepaid Visa, the new credit card will have tiers with a greater rewards percentage if customers lock in a set investment in the company’s cryptocurrency, Cronos. The investment tiers range from $500 to $1 million.
Rewards as a percentage of spending would be deposited in customer wallets and can be exchanged for other cryptocurrencies, stocks or other trades.
Meanwhile, Bread (NYSE:BFH) reported net income of $138 million on revenue of $970 million.
Even though the company’s performance on credit has improved, a sharp decline in consumer sentiment due to tariffs and trade policy is keeping Bread from projecting higher earnings for the rest of year, executives said.
“The keyword of the month is uncertainty,” CFO Perry Beberman told analysts.
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Columbus company to power credit card for global crypto exchange – The Business Journals
