Gemini, Mastercard team to introduce cryptocurrency reward credit card

US cryptocurrency enterprise Gemini has launched a first-of-its-kind cryptocurrency rewards credit card in partnership with Mastercard and WebBank.

Founded in 2014, Gemini is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin and ether. The Gemini credit card – expected to launch in the summer this year – has accumulated over 140,000 people on its waiting list.

Gemini highlighted some of the benefits of the new rewards card include a 3% return on qualifying purchases in bitcoin or any of the more than the 30 cryptocurrencies available on the exchange. In addition, cardholders will receive their crypto rewards as transactions occur for most of their purchases.

The card will also only include the cardholder’s name and will not feature sensitive information such as the 16-digit card number, which can be found via the Gemini web or mobile app and requires two-factor authentication. Holders will also not be required to pay an annual fee on the card.

Users will also be able to instantly access the card and begin making purchases at the point of sale by directly adding it to their mobile wallet from the Gemini app.

Thanks to the partnership with Mastercard, the new Gemini rewards credit card will include advanced security features such as MasterCard ID Theft Protection. The card is also backed by zero liability and price protection. Cardholders can also secure access to exclusive offers with select merchants including Lyft, ShopRunner, DoorDash and HelloFresh.

The company added that cardholders will also be provided with the option to transfer their crypto rewards into Gemini Earn, which is an interest-earning program aimed at helping cardholders grow their holdings further.

Gemini CEO Tyler Winklevoss said, “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. 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.”

Mastercard North American President Linda Kirkpatrick added, “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.”

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