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Coinbase Unveils Crypto Credit Card Partnered with American Express, Featuring Bitcoin Rewards

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Coinbase has officially introduced its latest product, the Coinbase One Card, a new crypto credit card developed in partnership with American Express. The card stands out with its sleek black metal design, engraved with the iconic Bitcoin Genesis Block—the very first block created by Bitcoin’s elusive founder, Satoshi Nakamoto, in 2009. Coinbase CEO Brian Armstrong unveiled the card in a video shared on June 13, generating excitement among crypto enthusiasts eager for new ways to earn digital assets.

The announcement came through Coinbase’s official X (formerly Twitter) account, where the company highlighted the card’s key benefit: users can earn up to four percent back in Bitcoin on every purchase. Powered by the American Express network, the Coinbase One Card is slated for release in fall 2025. This strategic partnership blends traditional finance with the growing crypto economy, providing customers with both innovative rewards and the security benefits that come with an established payment provider.

In addition to Bitcoin rewards, the card offers several other perks. Coinbase will waive trading fees on the first $500 earned in trades through the card, encouraging more crypto transactions. Holders of the USDC stablecoin can access enhanced rewards, while validators on Coinbase’s Base blockchain will benefit from increased transaction credits and staking incentives. The card also includes standard American Express benefits such as retail purchase protection, extended warranties, exclusive offers, and emergency assistance services.

However, Coinbase has clarified that not all purchases will earn Bitcoin rewards. Transactions related to gambling or betting are explicitly excluded from the rewards program. This move reflects a cautious approach to ensure responsible usage while maximizing benefits for most everyday spending. Overall, the Coinbase One Card represents a significant step in mainstreaming cryptocurrency rewards and expanding the practical use of digital assets in daily financial activities.

Kraken Launches Tokenized U.S. Equities for 24/7 Trading Outside U.S.

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Kraken, the crypto exchange, announced Thursday it is launching tokenized versions of U.S. stocks, including Apple, Tesla, and Nvidia, allowing investors outside the U.S. to trade equities 24/7 — a step toward bridging traditional finance and blockchain.

The product, called xStocks, provides digital tokens that represent ownership of publicly traded U.S. equities. Investors won’t directly hold the underlying shares, but rather tokens that mirror the stocks’ value, offering flexibility and round-the-clock access typically unavailable in traditional stock markets.

Key Details:

  • Availability: Limited to select markets outside the U.S.

  • Trading hours: Available 24/7

  • Not offered to: U.S. customers

  • Underlying equities: Includes high-profile companies such as Apple, Tesla, and Nvidia

Kraken did not disclose which countries or jurisdictions will have access to xStocks, but the move reflects the growing interest in tokenizing real-world assets.

Why It Matters

Tokenization — issuing blockchain-based digital versions of real assets — is increasingly being seen as a tool to:

  • Expand market access globally

  • Enable fractional ownership and enhanced liquidity

  • Offer trading during non-market hours, especially useful for international investors

“Tokenized securities could radically reshape how retail and global investors access financial markets,” proponents argue.

Earlier this year, Robinhood CEO Vlad Tenev endorsed tokenization in a Washington Post op-ed, suggesting it could also open access to private markets.

Broader Context

The launch comes as enthusiasm for blockchain intensifies, partly fueled by:

  • Bitcoin’s strong performance

  • Expectations of lighter regulation under U.S. President Donald Trump

  • Growing demand to integrate traditional assets into decentralized finance (DeFi) systems

While tokenized securities are still in their early adoption phase, Kraken’s initiative places it at the forefront of hybrid finance innovation, offering a glimpse into the future of global capital markets.

Coinbase Q1 Profit Drops Despite Revenue Gains as Expenses Surge 51%

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Coinbase reported a decline in first-quarter profit on Thursday, as a sharp 51% increase in operating expenses outpaced gains in its core revenue streams, leading to a 3% drop in shares during extended trading.

While the cryptocurrency exchange saw total revenue climb to $2.03 billion, up from $1.64 billion a year earlier, it fell short of analysts’ expectations of $2.1 billion, according to data from LSEG.

The company’s adjusted net income dropped to $526.6 million, or $1.94 per share, down from $679.2 million, or $2.53 per share, in the same quarter last year. The decline comes as Coinbase ramps up marketing spending and took a hit on crypto assets held for operations, contributing to its ballooning expense total of $1.3 billion.

Revenue Breakdown:

  • Transaction revenue: Rose 17.3% to $1.26 billion

  • Subscription and services revenue: Jumped 37% to $698.1 million

Despite the solid performance in its transaction and subscription units, the company struggled to maintain profitability amid higher spending and broader market volatility triggered by President Trump’s erratic trade policies, which have unsettled investors and driven caution in riskier assets like cryptocurrencies.

The results come on the same day Coinbase announced a $2.9 billion acquisition of Deribit, a major crypto derivatives exchange, as part of a strategy to expand into the crypto options market and diversify revenue sources beyond spot trading.

The combination of increased costs and geopolitical uncertainty underscores the challenges Coinbase faces in balancing growth investments with margin pressure as it seeks to capitalize on expanding institutional interest in digital assets.