Cryptocurrency exchange Gemini has partnered with payment giant Mastercard as the exclusive card network for the platform’s first cryptocurrency rewards credit card, according to an announcement released today.
Today we are announcing our partnership with Gemini to offer the first rewards credit card of its kind for cryptocurrencies. The Gemini credit card offers consumers an easy way to earn rewards in cryptocurrencies without changing their daily spending habits, Mastercard said in a tweet.
Today we announce our partnership with @Gemini to offer the first #cryptocurrency reward credit card of its kind. The #GeminiCreditCard offers consumers an easy way to earn #crypto rewards without changing their daily spending habits. For more information: https://t.co/3GiWJtPu2g
– Mastercard News (@MastercardNews) 27. April 2021
The Gemini credit card, first introduced in January, allows customers to earn up to 3% cashback in bitcoin or more than 30 other cryptocurrencies deposited directly into their Gemini account. The card is issued by WebBank.
Award for Real-time Cryptography
According to Gemini, this system is the first of its kind because it delivers crypto rewards in real time (rather than on a regular monthly basis) and has no annual fee. Once approved, cardholders can immediately use the Gemini credit card for online and point-of-sale purchases by adding it to their mobile wallet.
As more consumers look to enter the cryptocurrency ecosystem, the Gemini credit card offers them an easy entry point and a way to earn cryptocurrency rewards without changing their daily spending habits, Gemini CEO Tyler Winklevoss said in a statement.
According to the announcement, the Gemini credit card will launch in all 50 US states this summer, with users on the waiting list (which already exceeds 140,000) the first to have access to the new service.
Consumer choice is central to Mastercard’s strategy. We give people flexibility in how they pay and anticipate their changing preferences, said Linda Kirkpatrick, president of Mastercard, North America. Our work with Gemini builds on this position by combining consumer needs with next-generation tools and delivering innovative experiences that redefine the future of card-based rewards and benefits.
Our philosophy at #cryptocurrency is simple: It’s a matter of choice.
Mastercard is already preparing for the future of #crypto and payments by announcing that we will begin supporting select crypto currencies on our network later this year. For more information: https://t.co/K9C8Z4IpQW
– Mastercard News (@MastercardNews) February 10, 2021
Mastercard is reportedly expanding its presence in the cryptocurrency sector. The company announced in February that it plans to add support for cryptocurrencies to its network later this year.
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