A cryptocurrency exchange platform Gemini has announced its collaboration with Mastercard and WebBank to introduce what they say is the first real-time crypto rewards card.
With the help of Mastercard which will provide the payment network while WebBank will issue the cards, the newly announced partnership will see Gemini release its Gemini credit card with 3% rewards in bitcoin or 30 other cryptos available on Gemini.
The Gemini Credit Card will allow cardholders to earn up to 3% back in bitcoin or other cryptocurrencies on the dollars they spend.
According to the statement issued by the company, the Gemini Credit Card provides a seamless way for consumers to acquire bitcoin or other cryptocurrencies as a reward for their everyday purchases. Cardholders will earn up to 3% back on dining, 2% back on groceries, and 1% back on other purchases. Cardholders also have the option to transfer their crypto rewards into Gemini Earn, a new interest-earning program, to grow their holdings even further.
CEO of Gemini Tyler Winklevoss said as more consumers look to enter the crypto ecosystem, the Gemini Credit Card will give them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits.
“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," said Winklevoss.
“Consumer choice is at the center of Mastercard’s strategy, giving people flexibility in how they pay and anticipating their evolving preferences, 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,” said Linda Kirkpatrick, president of North America at Mastercard in a statement.
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