Mastercard and Gemini introduce a credit card offering up to 3% of cashback in bitcoin to users.
Mastercard continues its crypto-related efforts by partnering with the digital asset exchange Gemini to introduce an innovative crypto rewards credit card. Dubbed Gemini Credit Card, it already has over 100,000 people on its waitlist but should see the light of day in the summer.
Crypto Rewards Credit Card From Gemini
The crypto exchange founded and managed by the Winklevoss twins announced its latest product earlier today. Apart from including Mastercard, the company has also partnered with the Utah-based industrial bank – WebBank.
The statement outlined some of the key features of the card, which has already amassed 140,000 people on the waitlist. Those include up to 3% of cashback on “qualifying purchases” in bitcoin or some of the other digital assets listed on Gemini. The rewards will be automatically deposited immediately after the transactions into the cardholders’ accounts on the exchange.
Gemini promised the card will come with no annual fees, combined with 24/7 live customer support, which should “deliver a superior cardholder experience.”
The card will be available in three colors initially – black, silver, and rose gold – and will not contain the 16-digit card number. Instead, it will be “easily accessed” via the customers’ Gemini accounts and will require two-factor authentication.
“As more customers 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 spendings.” – commented Gemini’s CEO, Tyler Winklevoss.
Upon its launch, which should be later this year, the card will be available in all 50 US states and will be accepted wherever Mastercard operates.
Mastercard Doubles Down on Crypto
Winklevoss also outlined Mastercard’s recent efforts with affiliation to the cryptocurrency industry as a significant milestone in terms of mass adoption. The US financial services giant decided to support several digital assets directly on its network.
Linda Kirkpatrick, Mastercard’s North American president, noted that the company’s pro-crypto approach aims to satisfy the rapidly growing customer demand. While commenting specifically about the Gemini Credit Card, Kirkpatrick added:
“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.”