Gemini crypto exchange partners Mastercard to roll out crypto reward credit cards
Gemini, a cryptocurrency exchange has announced a partnership with Mastercard, a global payment merchant to roll out crypto rewards credit cards which they disclosed will be offered this summer.
Gemini made the announcement in a blog post where it revealed that the partnership with Mastercard network will allow the credit card users earn up to 3 per cent back in bitcoin or other cryptocurrencies on the dollars spent.
Since it was first introduced in early 2021, the Gemini Credit Card has amassed more than 140,000 people on its waitlist, the Exchange said in a statement.
This is a pointer that the number of credit card rewards in the cryptocurrency industry is growing, and comes after crypto lender; BlockFi announced the launch of its credit card earlier this year, allowing a 1.5 per cent cashback reward for every transaction made with its card which is then converted to bitcoin and sent to the user’s BlockFi account.
However, Gemini, in a statement via a post on its website stated that cardholders on Gemini will be allowed to transfer their crypto rewards to Gemini Earn, which earns them interest.
When launched, the card will be available across the 50 states in the U.S and will be accepted anywhere Mastercard is accepted. Meanwhile, WebBank has been designated to provide the cards while Mastercard will provide the payment network.
Tyler Winklevoss, Chief Executive Officer and co-founder, Gemini, said, “Today, we are excited to announce that Mastercard will be our exclusive network partner for the Gemini Credit Card. We are thrilled to work with one of the most trusted and globally recognized brands in the credit card and payments space.
“WebBank, a leader in digital lending, will be the issuing bank for the Gemini Credit Card. The Gemini Credit Card allows you to earn up to 3% back in bitcoin or other cryptocurrencies on the dollars you spend. Join the Gemini Credit Card waitlist to get early access.”
Meanwhile, it can be recalled that earlier in 2021, Mastercard and Visa, major payment merchants in the world announced that they will begin the integration of crypto assets into their systems.