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Best Cash Back Business Credit Cards

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Best Cash Back Business Credit Cards

Business credit cards can help you spread the cost of your business purchase, control your company’s cash flow, simplify staff costs, borrow money and build your company credit history. Although these benefits can better help you protect your company finances, you can do more by leveraging the rewards offered by most business credit cards

Regular APR

13.99% – 19.99% | See Rates & Fees

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securely through Ink Business Unlimited® Credit Card’s website

Disclosure: Terms Apply

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Regular APR

13.99% – 19.99% | See Rates & Fees

1 Minute Review

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Based on its flat-rate reward program and robust cash back bonuses, the Ink Business Unlimited® Credit Card is arguably the best overall business credit card for cash back. In line with its name, this highly business-orientated credit card offers an unlimited 1.5% cash back on every purchase you make for your business through the card’s lifespan — real money that gets credited into your business checking or savings account. And to help you earn the cash back even faster, Ink Unlimited offers employees cards at no additional cost. 

Specs

  • Annual Fee: None
  • Regular APR:

    13.99% – 19.99% | See Rates & Fees

  • One Time Fee: Foreign transaction fee 3%
  • Intro APR: $0 intro APR for the first 12 months
  • Rewards: $750 cash back for the first $7,500 spent within the first three months
  • Welcome Bonus: 750 cash back for the first $7,500 spent within the first three months

Pros

  • Unlimited cashback
  • No annual fee
  • Lavish welcome bonus
  • Employee cards at no additional cost

Cons

  • High foreign transaction fees
  • No bonus spending categories
  • Not optimized for balance transfers
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Regular APR

7.99% Variable | See Rates & Fees

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Disclosure: Terms Apply

Annual Fee

$125 (waived in the first year)

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Regular APR

7.99% Variable | See Rates & Fees

1 Minute Review

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The Wells Fargo Business Elite Signature Card®  has a simple yet highly generous cashback reward for businesses with high-volume sales. The card’s rewards program is perfect for companies with a sales volume of over $1 million that need to keep track of their employee expenditures and report on it. 

Specs

  • Annual Fee: $125 (waived in the first year)
  • Regular APR:

    7.99% Variable | See Rates & Fees

  • Rewards: Unlimited 1.5% cash back on every $1 spent or 1 point on every $1 spent
  • Welcome Bonus: $1,000 cash back or 100,000 bonus points for the first $15,000 spent within the first three months

Pros

  • No foreign transaction fees
  • Up to 200 zero-cost employee cards
  • Generous benefits and add-ons, like travel insurance

Cons

  • Annual fees
  • Restricted quarterly redemption of cashback rewards
  • Transaction fees apply for a balance transfer
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Regular APR

13.99% – 19.99% Variable | See Rates & Fees

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securely through Ink Business Cash® Credit Card’s website

Disclosure: Terms Apply

Regular APR

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13.99% – 19.99% Variable | See Rates & Fees

1 Minute Review

Ink Business Cash® Credit Card targets cash back rewards for business-related expenditures, especially in select bonus categories. New cardholders can earn a one-time $750 cashback bonus for the first $7,500 spent. 

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Specs

  • Annual Fee: None
  • Regular APR:

    13.99% – 19.99% Variable | See Rates & Fees

  • One Time Fee: Balance transfer: $5 or 5% of each transfer amount, whichever is greater
  • Intro APR: 0% for the first 12 months
  • Rewards: 5% cash back on the first $25,000 business-related expenditure every account anniversary year
  • Welcome Bonus: $750 cash back for the first $7,500 spent within the first three months

Pros

  • Generous welcome bonus
  • Zero cost fee for employee cards
  • High reward program for select bonus categories
  • 0% intro APR for the first 12 months
  • Employee card at no additional cost

Cons

  • Relatively high fees for balance transfers and cash advances
  • Spending caps on bonus rewards
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Regular APR

14.99% – 22.99% Variable | See Rates & Fees

get started securely through Amazon Business Prime American Express Card’s website

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Disclosure: Terms Apply

Regular APR

14.99% – 22.99% Variable | See Rates & Fees

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1 Minute Review

Amazon Business Prime American Express is a good choice for businesses that spend heavily on Amazon and its related products (AWS and Whole Foods). The card offers 5% cash back for purchases made at Amazon.com, AWS or Whole Foods. There’s also the option of switching the cashback reward for a 90-day 0% APR financing on any eligible purchase.

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Specs

  • Annual Fee: None
  • Regular APR:

    14.99% – 22.99% Variable | See Rates & Fees

  • Rewards: 5% of the first $120,000 spent or 90-days term purchases at Amazon and related products, then 1% back on other purchases
  • Welcome Bonus: Up to $125

Pros

  • No annual fee
  • No foreign transaction fee
  • Free employee cards

Cons

  • Requires Amazon Prime membership
  • No intro APR
  • Relatively higher APR

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Regular APR

14.74% – 22.74% Variable | See Rates & Fees

get started securely through American Express Blue Business Cash™ Card’s website

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Disclosure: Terms apply

Regular APR

14.74% – 22.74% Variable | See Rates & Fees

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1 Minute Review

The American Express Blue Business Cash™ Card offers no annual fee and 2% cash back on all eligible purchases up to $50,000 and 1% after that. With a 0% intro APR and affordable rates thereafter, this card helps your business get its footing and manage spending.

Specs

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  • Annual Fee: $0
  • Regular APR:

    14.74% – 22.74% Variable | See Rates & Fees

  • Intro APR: 0% on purchases for 12 months
  • Rewards: 2% cash back on all eligible purchases up to $50,000 and 1% on all other purchases

Pros

  • No annual fee
  • 0% intro APR

Cons

  • Need good – excellent credit
  • Caps on bonus
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Chances are that you’ve used or are still using credit cards. That means you’re well acquainted with the benefits and rewards they can offer. Well, with business credit cards, the reward offerings are much more attractive. Typically, these rewards may include cash back on purchases, discount purchases on selected retail outlets, lower fees or free membership in business organizations and membership points or air miles.

It all depends on the credit card issuers. Different credit card issuers offer different reward programs. While some offers discounts on certain purchases, others might provide redeemable points. Cash back credit cards reward you with dollars. 

Understanding how to exploit these reward offerings will free up your business finances and help your business operations run more smoothly. However, choosing the best cashback credit card for your business can be challenging, especially with different credit card options available. 

To help you make a more informed choice and avoid browsing a long list of business credit cards and their offerings online, Benzinga compiled a list of some of the best cash back business credit cards and their best attributes.

Best Overall: Ink Business Unlimited® Credit Card

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Regular APR

13.99% – 19.99% | See Rates & Fees

securely through Ink Business Unlimited® Credit Card’s website

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Disclosure: Terms Apply

Regular APR

13.99% – 19.99% | See Rates & Fees

Advertisement

1 Minute Review

Based on its flat-rate reward program and robust cash back bonuses, the Ink Business Unlimited® Credit Card is arguably the best overall business credit card for cash back. In line with its name, this highly business-orientated credit card offers an unlimited 1.5% cash back on every purchase you make for your business through the card’s lifespan — real money that gets credited into your business checking or savings account. And to help you earn the cash back even faster, Ink Unlimited offers employees cards at no additional cost. 

Specs

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  • Annual Fee: None
  • Regular APR:

    13.99% – 19.99% | See Rates & Fees

  • One Time Fee: Foreign transaction fee 3%
  • Intro APR: $0 intro APR for the first 12 months
  • Rewards: $750 cash back for the first $7,500 spent within the first three months
  • Welcome Bonus: 750 cash back for the first $7,500 spent within the first three months

Pros

  • Unlimited cashback
  • No annual fee
  • Lavish welcome bonus
  • Employee cards at no additional cost

Cons

  • High foreign transaction fees
  • No bonus spending categories
  • Not optimized for balance transfers
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New cardholders can earn a one-time $750 bonus cash back after spending $7,500 within the first three months. Other benefits include a 0% introductory APR for the first 12 months, no annual fees and alternative rewards redemption for gift cards, cash back and travel with Chase Ultimate Rewards®. 

The Ink Business Unlimited® Credit Card offers fraud protection that monitors your account for fraudulent activities. In the case of fraud, you have zero liability, which means that unauthorized charges made with your card or account details are not your responsibility.

Best for High-Sales-Volume Businesses: Wells Fargo Business Elite Signature Card®

Regular APR

7.99% Variable | See Rates & Fees

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Disclosure: Terms Apply

Annual Fee

$125 (waived in the first year)

Advertisement

Regular APR

7.99% Variable | See Rates & Fees

Advertisement

1 Minute Review

The Wells Fargo Business Elite Signature Card®  has a simple yet highly generous cashback reward for businesses with high-volume sales. The card’s rewards program is perfect for companies with a sales volume of over $1 million that need to keep track of their employee expenditures and report on it. 

Specs

  • Annual Fee: $125 (waived in the first year)
  • Regular APR:

    7.99% Variable | See Rates & Fees

  • Rewards: Unlimited 1.5% cash back on every $1 spent or 1 point on every $1 spent
  • Welcome Bonus: $1,000 cash back or 100,000 bonus points for the first $15,000 spent within the first three months

Pros

  • No foreign transaction fees
  • Up to 200 zero-cost employee cards
  • Generous benefits and add-ons, like travel insurance

Cons

  • Annual fees
  • Restricted quarterly redemption of cashback rewards
  • Transaction fees apply for a balance transfer
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Cardholders can earn unlimited 1.5% cash back or one bonus point on every $1 spent. For every card facilitating monthly company expenditure greater than $10,000, you’ll earn a cashback reward of 5,000 bonus points. Aside from the regular cashback rewards, you also enjoy a one-time $1,000 cashback (equivalent to 100,000 bonus points) welcome bonus for a $15,000 worth of expenditures in the first three months as a new cardholder. The providers also offer up to 200 employee cards at zero additional charge.

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Other benefits include travel incidentals insurance that pays up to $100 yearly, zero foreign transaction fees and a one-year waiver for annual fees.

Best for Added Value: Ink Business Cash® Credit Card

Regular APR

13.99% – 19.99% Variable | See Rates & Fees

Advertisement

securely through Ink Business Cash® Credit Card’s website

Disclosure: Terms Apply

Regular APR

Advertisement

13.99% – 19.99% Variable | See Rates & Fees

1 Minute Review

Ink Business Cash® Credit Card targets cash back rewards for business-related expenditures, especially in select bonus categories. New cardholders can earn a one-time $750 cashback bonus for the first $7,500 spent. 

Advertisement

Specs

  • Annual Fee: None
  • Regular APR:

    13.99% – 19.99% Variable | See Rates & Fees

  • One Time Fee: Balance transfer: $5 or 5% of each transfer amount, whichever is greater
  • Intro APR: 0% for the first 12 months
  • Rewards: 5% cash back on the first $25,000 business-related expenditure every account anniversary year
  • Welcome Bonus: $750 cash back for the first $7,500 spent within the first three months

Pros

  • Generous welcome bonus
  • Zero cost fee for employee cards
  • High reward program for select bonus categories
  • 0% intro APR for the first 12 months
  • Employee card at no additional cost

Cons

  • Relatively high fees for balance transfers and cash advances
  • Spending caps on bonus rewards
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Cardholders can earn a 5% cash back each account anniversary year on the first $25,000 spent on business-related expenses, including business purchases at office supply stores and cable, internet and phone services.

Other bonus reward categories include a 2% annual cash back on the first $25,000 spent at restaurants and gas stations and a 1% cash back on all other purposes.

Similar to the Ink Business Unlimited credit card, this credit card also offers fraud protection with a provision for zero liability in the event of unauthorized withdrawal or card usage. You can redeem your cash back rewards using Chase Ultimate Rewards. Suppose you have a small business that spends big on the card’s top reward category (office supplies, internet, cable and phone services). In that case, Ink Business Cash® Credit Card is the best choice for you.

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Best for Expenses: Amazon Business Prime American Express Card

Regular APR

14.99% – 22.99% Variable | See Rates & Fees

get started securely through Amazon Business Prime American Express Card’s website

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Disclosure: Terms Apply

Regular APR

14.99% – 22.99% Variable | See Rates & Fees

Advertisement

1 Minute Review

Amazon Business Prime American Express is a good choice for businesses that spend heavily on Amazon and its related products (AWS and Whole Foods). The card offers 5% cash back for purchases made at Amazon.com, AWS or Whole Foods. There’s also the option of switching the cashback reward for a 90-day 0% APR financing on any eligible purchase.

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Specs

  • Annual Fee: None
  • Regular APR:

    14.99% – 22.99% Variable | See Rates & Fees

  • Rewards: 5% of the first $120,000 spent or 90-days term purchases at Amazon and related products, then 1% back on other purchases
  • Welcome Bonus: Up to $125

Pros

  • No annual fee
  • No foreign transaction fee
  • Free employee cards

Cons

  • Requires Amazon Prime membership
  • No intro APR
  • Relatively higher APR
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The 5% cash back applies to the first $120,000 purchases per calendar year. Other benefits include a 2% cash back for purchases made at U.S. gas stations, U.S. restaurants and wireless telephone services acquired directly from service providers in the United States. And it pays a 1% cash back on all other purchases.

Amazon Business Prime American Express integrates with payment processing software Quickbook and Bill.com. The integration fast-tracks auto-expense categorization and helps you make the most of your business bill payments.

Best for Entrepreneurs and Small Businesses: American Express Blue Business Cash™ Card

Regular APR

Advertisement

14.74% – 22.74% Variable | See Rates & Fees

get started securely through American Express Blue Business Cash™ Card’s website

Disclosure: Terms apply

Advertisement

Regular APR

14.74% – 22.74% Variable | See Rates & Fees

Advertisement

1 Minute Review

The American Express Blue Business Cash™ Card offers no annual fee and 2% cash back on all eligible purchases up to $50,000 and 1% after that. With a 0% intro APR and affordable rates thereafter, this card helps your business get its footing and manage spending.

Specs

  • Annual Fee: $0
  • Regular APR:

    14.74% – 22.74% Variable | See Rates & Fees

  • Intro APR: 0% on purchases for 12 months
  • Rewards: 2% cash back on all eligible purchases up to $50,000 and 1% on all other purchases

Pros

  • No annual fee
  • 0% intro APR

Cons

  • Need good – excellent credit
  • Caps on bonus
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American Express Blue Business Cash™ Card allows you to spend reasonably above your credit limit and awards freebies for utility. Cardholders can earn 2% cash back on combined purchases not more than $50,000 in a calendar year. Additionally, you earn 1% cash back on other eligible purchases using your card after the first $50,000, which are tangible dollars that go into your account.

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As a welcome package, new cardholders can earn a one-time $250 statement credit for the first $3,000 spent within three months of account opening. While this business credit card typically allows you to spend above your credit limit, the extra spending allowance isn’t unlimited. You set the limit, and the card uses your credit record and payment history to adjust accordingly. The credit card doesn’t charge annual fees. It also integrates with Quickbook and Bill.com to help you make the most of your bill payments.

Features to Look for in the Best Cash Back Business Cards

Understanding key features to look out for when shopping for a business credit card is the key to choosing a credit card that aligns with your business interests. Key features you need to consider before making a choice follow. 

Low annual fees

A credit card’s annual fee is the cost the card issuer charges a cardholder to keep their credit account open. It is money you’ll be paying to enjoy the credit benefits of your credit card. 

Some credit cards charge low annual fees, and others charge high ones. And some, of course, don’t charge at all. So, regardless of other benefits providers offer, it won’t be worth it if they charge a budget-breaking annual fee.

Rewards

Business credit cards offering a reward on purchases can potentially put significant dollars into your business account. However, when reviewing and comparing reward programs for a business credit card, you need to consider whether the card earns points or cash back. 

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Ideally, cash is preferable as it’s easier to manage — your business account automatically gets credited once you complete a purchase. In contrast, points, although potentially more lucrative, are a bit more challenging to manage. For instance, while you can leverage points to travel, you’ll need to do some airline research to bag the best possible point value.

Your card’s extra services are additional perks and add-on benefits you can enjoy for free or at a specific price. Different credit card companies provide various complimentary services. 

For instance, a travel-oriented business credit card may offer no foreign transaction fee, complimentary airport lounge access and free checked baggage. In contrast, cash back or traditional reward cards may offer bonuses on purchase protection or rotating business categories. Extra services can also be in the form of a first late payment fee waiver or exclusive event access. 

Either way, extra services can add up to sound money. Check the landing page of the credit card issuer to know what extra services it offers and compare them with others before making a choice. Extra services could differentiate between a good card and a great one.

Welcome or sign-up bonuses

Although choosing a business credit card based on a single, one-time offer is not advisable, a great sign-up bonus remains a powerful, enticing feature worthy of consideration. Welcome bonuses can rack up thousands of dollars for your business. Traditional welcome or sign-up bonuses are straightforward, offering you cash back or a reward once you meet the spending requirements. 

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You can easily bag such an offer if you’re in the process of making a significant business investment, like purchasing pieces of machinery and pieces of furniture. Another great option in the sign-up bonus space is the introductory APR offer which can take the form of a 0% balance transfer APR or introductory 0% APR on purchases. You can save considerable interest by leveraging either depending on your precise need. Either way, choosing a business credit card that offers sign-up bonuses can significantly help your finances.

Free employee card

Different credit card issuers handle additional employees’ cards differently. Sometimes this depends on the card type and unique features. Most issuers are willing to offer an unlimited number of employee cards at no additional cost to your account. Others provide a free card to a specific limit and subsequently charge you. Yet others don’t offer free cards. Suppose you’re planning to provide your employees their own credit cards to handle business purchases, which is a great way to earn a reward on business purchases. In that case, you need to consider how the issuers charge employee cards.

How to Get Approved for a Credit Card

Knowing the specific features to look out for in a credit card is a significant step toward getting a credit card that perfectly aligns with your business needs. Unfortunately, applying for a credit card doesn’t automatically qualify you for approval. Let’s review some approaches to help improve your chances for approval.

Knowing your credit score

Whether you are applying for a credit card, mortgage or loan, your credit score is a crucial determinant of your application’s approval. You can check your credit score via your credit report. 

Knowing your credit score allows you to see where you stand. It’ll help you avoid taking the long route of applying for a credit card you don’t qualify for. Most vitally, knowing your credit score will help you take a constructive step towards building your credit to match the credit requirements of your choice.

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Build your credit

Suppose you don’t have enough credit history or credit score to match the business credit card requirements. In that case, you need to build your credit report to increase your credit score.

Several tools can help you achieve this. For instance, you can consider using a secured card that’ll allow you to deposit funds as credit or ask to be an authorized user on someone else’s card. However, if you prefer to build your credit score without a credit card, you might give a credit-builder or secured loan a shot.

Good spending habits

How you spend your money reflects directly on your credit report. Good spending habits tell your potential credit issuer that you won’t be spending borrowed credit on non-essentials and that you’ll prioritize paying back your credit on time.

However, aside from increasing your credit card approval chances, good spending habits are a responsible behavior you should adopt. It is especially essential if you wish to improve your personal finances.

Clear existing debt and avoid financial history

Existing debt is a recipe for outright rejection, especially if you owe more than a certain percentage of your income. So work to clear your debt. You should also avoid payday loans and unauthorized overdrafts as these can fast-track your rejection.

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How you can Improve Your Credit Score

An excellent credit score unlocks financial opportunities for you, especially those related to credit. Unfortunately, growing a credit score from baseline grade to excellent grade can be challenging. Nevertheless, it can be done. Here are a few tips that’ll help you improve your credit score going forward.

Pay credit balances systematically

Your credit utilization is the percentage of your credit limit you spent in a given period. Although you needn’t aim for 0% utilization, you must keep it below 30% to have an excellent credit score. To achieve this, always pay your balance before the end of the billing cycle. That way, you ensure that your credit balances are low when the card issuer reports it to the credit bureau, which is how your credit score is tabulated.

Pay your bills on time 

Regardless of your approach to improving your credit score and how you do, it won’t matter if your payments are late. Late payments are a glaring red flag for creditors. And they will reflect on your credit report for at least 7.5 years, which means a constant red flag that’ll perpetually decrease your chances of increasing your credit score. Therefore be sure to pay your bills on time.

Use a secured credit card 

A secured credit card is an alternative credit card that uses your cash deposit as its credit limit. You’ll be able to use the card like a regular credit card. Your default on-time payment will go a long way in building your credit.

Frequently Asked Questions

Is credit card cashback taxable?

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No, credit card cash backs are not taxable. The IRS considers cash back and other rewards as rebates, not income. Hence they are non-taxable.

Do business credit cards offer the most credit?

Usually, business credit cards offer higher credit limits than personal credit cards. Nevertheless, it’s hard to say which business credit card gives the highest possible credit limit. Instead, your credit limit will ultimately depend on your credit profile.

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What is the best business credit card for cash back?

Benzinga lists the Ink Business Unlimited® Credit Card as the best business credit card for cash back. It has a comprehensive reward and bonus program structure that offers many benefits for businesses at little to no cost.

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205.8209 ETH

Risk Of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings To Sell Entire Stash Of Bitcoin And Ethereum

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Risk Of ‘Significant Drawdowns’ Pushes Cypherpunk Holdings To Sell Entire Stash Of Bitcoin And Ethereum

On Tuesday, the Canada-based investment firm Cypherpunk Holdings Inc. announced that the company has sold all of its bitcoin and ethereum due to the “risk of further significant drawdowns.” The company has transitioned its treasury to cash after selling 214.72 bitcoin and 205.82 ethereum as Cypherpunk Holdings continues “to see systemic risks propagating” across the crypto economy.

Cypherpunk Holdings Sells All of the Bitcoin and Ethereum on Its Balance Sheet

Crypto winter has done a lot of damage since the bull run’s price highs, as more than $2 trillion has left the digital currency economy since the first week of November 2021. Today, the crypto economy is worth roughly $945 billion and bitcoin (BTC) is coasting along just above the $20K per unit range.

BTC is down more than 70% from the all-time high ($69K) on November 10, 2021, and ethereum (ETH) has lost more than 77% since the ATH ($4,878) recorded on the same day. On June 28, 2022, or eight months later, the publicly listed Canadian investment company Cypherpunk Holdings revealed it had dumped all of its bitcoin and ether holdings.

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Cypherpunk Holdings (CSE: HODL) (OTC Pink: CYFRF) was one of the many publicly listed companies that held bitcoin and ethereum on its balance sheet. The update from the company notes that the sale was due to risk and it said the crypto economy may see “significant drawdowns” going forward.

CEO and president of Cypherpunk Holdings Jeff Gao.

Cypherpunk Holdings sold approximately 214.7203 BTC and 205.8209 ETH and it got around $4,927,000 for the lot of crypto assets. The company said that it currently has just over $14 million worth of “cash and stables” on hand. After the sale, the CEO and president of Cypherpunk Holdings, Jeff Gao, spoke about dumping the digital assets for cash.

“Recently, Cypherpunk liquidated all of its treasury holdings in BTC and ETH for cash and withdrew back to custody,” Gao wrote in an update concerning the company’s cryptocurrency holdings and strategy.

“We continue to see systemic risks propagating throughout the crypto ecosystem and, in our assessment of the risk reward and opportunity costs involved in holding asset tokens, we believe that the most prudent approach is to sit on the sidelines as we wait for the volatility and illiquidity contagion to come to its logical conclusion,” Gao said. “On the balance of probabilities, we see weaker price action opening the way to lower levels to come as reports of the number of chains imposing ‘temporary’ suspension on withdrawals increases.”

The Cypherpunk Holdings executive continued by adding:

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Until such a time as our thesis on market conditions change, our treasury will remain in cash. Cypherpunk maintains its long-term bullish outlook on crypto and currently plans to actively seek to capitalize on compelling risk reward opportunities as and when they present.

Company Sold 196.74 Bitcoin and 382 Ether Prior to the June 28 Announcement and Amid the Terra LUNA Fallout

Furthermore, Cypherpunk Holdings dumped bitcoin (BTC) before the June 28 announcement, as it told investors on June 13 that it sold 96.74 BTC for $2.9 million and 50 ETH for $100K. Cypherpunk Holdings’ management also decided to unload shares of Animoca Brands, as it sold the company’s last block of 500,000 Animoca shares for “a realized profit of 234%.” Amid the Terra LUNA and UST fallout, on May 11, 2022, Cypherpunk Holdings sold 100 BTC and 332 ETH for just over $4 million.

With Cypherpunk Holdings removed from the Bitcoin Treasuries list, and Microstrategy’s recent purchase of 480 bitcoins, publicly-listed companies hold 268,357 BTC worth 5.382 billion at current bitcoin exchange rates. Exchange-traded products hold 828,641 BTC, countries hold 50,699 BTC, and private companies own 174,381 BTC, according to the Bitcoin Treasuries list on June 29.

What do you think about Cypherpunk Holdings dumping its bitcoin and ether because it believes “weaker price action” is coming? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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central bank digital currency

Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

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Report: Taiwan’s Central Bank May Need 2 Years To Complete Work On CBDC

Taiwan’s central bank is yet to conclude work on its central bank digital currency (CBDC) and according to the bank’s governor, the institution may need two more years to finish its work, a report has said. Some of the bank’s next tasks include winning the public’s support, ensuring the system is stable, and building the currency’s legal framework.

Simulating Use of the CBDC

Some two years after work on Taiwan’s central bank digital currency (CBDC) commenced, the governor of the country’s central bank, Yang Chin-long, recently revealed that his organization is still working on the project. Yang warned the central bank may need as long as two years to complete the task.

Yang, who spoke at a digital currencies forum, also disclosed the central bank had been simulating the use of the CBDC in what a Reuters report called a closed-loop environment. However, the same report said the central bank now faces three key tasks. These include communicating and ultimately winning the public’s support, ensuring the system is stable, and building the currency a legal framework.

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According to the report, the governor also conceded that the entire process may last more than the anticipated two-year period.

While the Taiwanese people are reported to be more accustomed to using cash, Yang said the central bank had to consider the fact that future generations will likely use digital currencies more than they use physical cash.

“We still have to push forward. After all, most of the young people in the future will use mobile phones, so we have to think about the next generation,” Yang is quoted in the report explaining.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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eBay

E-Commerce Giant Ebay Files Trademark Applications Covering Wide Range Of Metaverse, NFT Services

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E-Commerce Giant Ebay Files Trademark Applications Covering Wide Range Of Metaverse, NFT Services

E-commerce giant Ebay has filed two trademark applications covering a wide range of products and services relating to the metaverse and non-fungible tokens (NFTs).

Ebay’s NFT, Metaverse Trademark Applications

Ebay Inc. (Nasdaq: EBAY) filed two trademark applications with the United States Patent and Trademark Office (USPTO) last week covering a wide range of products and services relating to non-fungible tokens (NFTs) and the metaverse.

A USPTO-licensed trademark attorney, Mike Kondoudis, tweeted Tuesday: “Ebay Inc. is coming to the metaverse.” He explained that the filings indicate the e-commerce giant’s plans for virtual good marketplaces, online retail stores with actual and virtual goods, NFTs, NFT exchanges, and NFT trading. The applications’ serial numbers are 97473696 and 97473620.

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One day before Ebay filed the two trademark applications, the company announced that it has acquired NFT marketplace Knownorigin. According to Ebay, the two companies signed and closed the deal on June 21.

Ebay CEO Jamie Iannone described at the time: “Ebay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”

The e-commerce platform began allowing NFT sales in May last year, citing a “massive wave of attention” in the area.

This month, McKinsey and Company said that the metaverse could generate $5 trillion by 2030. “By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse,” the company noted.

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In addition, a survey conducted in April showed that the metaverse will be the most popular place for crypto, with 70% of respondents agreeing that “cryptocurrency and blockchain technology advancements will be critical to shaping the future of the metaverse.” Moreover, Citigroup predicted that the metaverse could be a $13 trillion opportunity with 5 billion users by 2030 while Goldman Sachs sees the metaverse as an $8 trillion opportunity.

What do you think about Ebay filing trademark applications covering metaverse and NFT services? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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