New York-based cryptocurrency exchange Gemini today announced the upcoming release of the Gemini Credit Card, which allows cryptocurrency holders to spend crypto and receive cash back rewards in the form of Bitcoin (BTC), or any other cryptocurrency available on the Gemini -platform.
The credit card is released in conjunction with Mastercard and is issued by the web banker, WebBank. It is expected to be released this summer and has reportedly received more than 140,000 registrations from waiting customers, according to the company’s press release.
Gemini is joining major cryptocurrency exchanges like Binance and Coinbase in launching a cryptocurrency credit card as holders are looking for a way to use their coins in real life situations. The Gemini card reportedly offers users 3% cash back for purchases at restaurants, 2% for groceries, and 1% for other purchases. The rewards are said to be paid back to the user in real time, at the time the transaction takes place.
President of Mastercard’s North American operations, Linda Kirkpatrick, said the financial services firm is keen to provide more choice to customers by enabling cryptocurrency payments and rewards.
“Our work with Gemini builds on this position, connecting consumer needs with the next generation of assets and delivering a breakthrough experience that redefines the future of card rewards and benefits,” she said.
Gemini co-founder Tyler Winklevoss said crypto credit cards are a great way to give users access to the cryptocurrency space without changing their existing spending habits.
“As more consumers want to enter the crypto ecosystem, the Gemini credit card provides them with easy access and an effortless way to earn crypto as a reward without changing their daily spending habits,” Winklevoss said.
“Mastercard continues to evolve to meet the demands of both industry and consumers, and is committed to the crypto space. We are excited to partner with them on our first real-time crypto rewards card, further helping to make crypto mainstream, ”he added.