One of the world’s largest credit card company, Mastercard has partnered with the Winklevoss brothers’ Gemini cryptocurrency exchange to facilitate its credit card crypto reward system.
The Gemini-powered credit cards would offer a 3% crypto reward on purchases through the card starting this summer. The card is to be issued by WebBank, a Utah-based digital lender.
Many Are Waiting For The Card
Gemini first announced its credit card with crypto reward system back in January this year and the services would be available in all 50 states of the US. Since then, a waitlist of 140,000 Gemini customers have signed up to use the credit since the list was incorporated earlier this year. Gemini will use the extensive Mastercard network and will offer many new features with the card.
Raj Dhamodharan, Mastercard’s head of digital assets and blockchain products & partnerships, said:
“As consumers go about spending in various acceptance locations, now they get a chance to earn a reward in the form of crypto,”
The features to be given by the card will include:
- Crypto cashback on purchases: up to 3% back on Bitcoin or one of the other 30 or so cryptocurrencies available on the Gemini platform. Only available on qualifying purchases.
- Real-time rewards: receive your rewards there and then. No need to wait for the end of the month as is the case with other cards.
- No annual fee: also full, 24/7 live customer support.
- Security card design: card is contactless and only features the customer’s name without any card number or other details.
- Instant access: once approved, customers can start using the Gemini credit card for purchases straight away.
- World Mastercard benefits: All exclusive offers available through Mastercard will also be offered to Gemini customers.
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Real-Time Crypto Reward
The Gemini credit card would offer rewards like other traditional credit cards that give rewards to users in real-time for spending their dollars. The crypto card would give its users cashback rewards in Bitcoin and 39 other cryptocurrencies offered by the Gemini crypto exchange.
The rewards will be in the users’ account and will be available every time they shop to spend.
The firm in its official statement said,
“This gives cardholders full control over their rewards and allows them to benefit from any appreciation in the price of their rewards from the moment the transaction occurs.”
“As more consumers look to enter the crypto ecosystem, the Gemini Credit Card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits,” said Tyler Winklevoss, CEO of Gemini. “Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space. We’re excited to partner with them on our first real-time crypto rewards card, further helping to bring crypto mainstream.”
This is not the first credit card to make crypto rewards available for crypto cardholders. Back in December, cryptocurrency lender BlockFi announced the launch of its rewards credit card in the first quarter of this year calling it the first of its kind in an industry that is already saturated with bitcoin reward debit cards.
BlockFi promised users 1.5% cashback that will accrue as rewards and then automatically be converted to bitcoin and placed into the user’s BlockFi account.
The Gemini credit card is only available to customers in the US currently and the card launch date is set for this summer.
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