The exchange will offer up to 3% cashback in the form of cryptocurrency for users of its upcoming Mastercard credit card.
New York cryptocurrency exchange Gemini announced on Tuesday the pending release of the Gemini Credit Card, which 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.
The credit card will be released in conjunction with Mastercard and will be issued by online banking institution WebBank. It is expected to be released this coming summer and has reportedly received over 140,000 sign-ups from waiting customers already, according to the company’s press release.
Gemini joins major cryptocurrency exchanges like Binance and Coinbase in launching a crypto credit card as holders seek a way to utilize their coins in real-world situations. The Gemini card will reportedly offer users 3% cashback on dining purchases, 2% on groceries and 1% on other purchases. The rewards will reportedly be paid back to the user in real-time, at the very moment the transaction takes place.
The president of Mastercard’s North American operations, Linda Kirkpatrick, said the financial services firm was happy to provide more choices 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,” she said.
Gemini co-founder Tyler Winklevoss said crypto credit cards were a good way to give users a point of entry to the cryptocurrency space without them having to alter their existing spending habits.
“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 Winklevoss.
“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 added.