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Gemini, the New York cryptocurrency exchange founded by the Winklevoss twins, today announced it partnered with Mastercard to launch a crypto rewards credit card this summer.
The announcement comes only a few days after the exchange added Google Pay and Apple Pay to its platform as means of payment.
With the upcoming crypto rewards card, cryptocurrency holders will be able to spend crypto while receiving cashback rewards in Bitcoin or any other cryptocurrency listed on the platform.
New York cryptocurrency exchange Gemini today announced the pending release of the Gemini Credit Card. The card will allow cryptocurrency holders to spend crypto and receive cashback rewards in the form of Bitcoin (BTC), or any other cryptocurrency available on the Gemini platform.
In partnership with Mastercard, the card will and will be issued by online banking institution, WebBank. The card will be launched this coming summer with the exact date still pending. There is currently a waiting list and so far over 140,000 customers have already signed up according to the company’s press release.
Gemini are not the first exchange to launch a crypto credit card. Binance, Coinbase and Kraken have already offered its customers a way to utilize their coins in real-world situations. Reportedly the Gemini card will provide 3% cash back on dining purchases, 2% on groceries and 1% on other purchases. The rewards will be credited in real-time, right after the transaction has taken place.
Linda Kirkpatrick, President of Mastercard’s North American operations, said they are happy to provide more choice for customers by enabling cryptocurrency payments and rewards.
“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,” Kirkpatrick said.
Gemini co-founder and Chief Executive Officer Tyler Winklevoss said crypto credit cards offer users the ease of use of their crypto-assets without them having to alter their existing behaviors.
“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 the CEO.
“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,” he concluded.