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Mastercard and crypto exchange Gemini to launch crypto rewards credit card this summer

Mastercard and crypto exchange Gemini to launch crypto rewards credit card this summer
Jordan
Major
1 year ago
2 mins read

Gemini, a cryptocurrency platform founded by Winklevoss twins, today announced details of its first-of-a-kind cryptocurrency rewards credit card, including a partnership with Mastercard (NYSE: MA) and WebBank, a leader in digital lending and the bank issuing the credit card.

Since it was first introduced in early 2021, the Gemini Credit Card has amassed more than 140,000 people on its waitlist, according to the official Mastercard’s press statement.

Cardholders will be able to earn up to 3% back on qualifying purchases in bitcoin or any of the more than 30 cryptocurrencies available on Gemini. Crypto rewards will automatically be deposited into the cardholders’ Gemini account. Additionally, the card will have no annual fee, so cardholders can receive the full value of their rewards.

“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.”

As per the announcement, cardholders can access exclusive offers with select merchants such as DoorDash, HelloFresh, Lyft, and ShopRunner.

“Consumer choice is at the center of Mastercard’s strategy – giving people flexibility in how they pay and anticipating their evolving preferences,” said Linda Kirkpatrick, president of North America at Mastercard. “Our work with Gemini builds upon this position, connecting consumer needs with next-generation assets and delivering a ground-breaking experience that redefines the future of card rewards and benefits.”

Overall, Mastercard is actively participating in the crypto sector. In February 2021, Mastercard announced that the company is preparing for the future of crypto and payments and will start supporting select cryptocurrencies directly on its network this year.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.