American Express (Amex) sees cryptocurrency as an asset class, according to CEO Steve Squeri. He added that right now, the firm does not see crypto as an immediate or medium-term threat to its business.
American Express CEO discusses crypto strategy
American Express (Amex) Chairman and CEO Steve Squeri answered a few questions about cryptocurrency during the company’s fourth quarter earnings call on Tuesday.
Squeri said: “As far as cryptocurrency goes, we watch cryptocurrencies … We think about the spectrum of digital currencies. We think about crypto. We think about stablecoins. We think about central bank digital currency [CBDC].” The CEO continued:
Currently, we view cryptocurrency more as an asset class.
Regarding crypto’s use as currency for payments, he said, “that’s a hard thing to utilize that way.”
The American Express executive further noted, “And when it comes to blockchain, we have investments in blockchain companies… We’re constantly looking at blockchain and finding out ‘are there any use cases? for us? “”
Commenting on stablecoins and non-fungible tokens (NFTs), Squeri said: “As far as stablecoins and NFTs and things like that, we’re partnering with, obviously, the NBA and Top Shot. And we’ll look at ways to get involved.”
However, the CEO revealed, “We’re probably not going to offer a crypto card.”
He further opined:
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.
