Mastercard is launching a new cryptocurrency rewards credit card with real-time rewards in partnership with crypto exchange Gemini. Cardholders will earn back up to 3% in real time in bitcoin or some supported cryptocurrencies.
- Payment giant Mastercard will launch a new crypto rewards credit card this summer in collaboration with cryptocurrency exchange Gemini, the two companies announced on Tuesday. Mastercard becomes the exclusive card network with Webbank as the issuing bank.
- Holders of the new credit card will earn up to 3% back on eligible purchases in bitcoin or any of the more than 30 cryptocurrencies supported by the exchange. Cryptocurrency rewards are automatically deposited into the exchange cardholders’ accounts. There is also no annual fee for the card.
- The project was launched at the beginning of this year and so far there are more than 140,000 people on the waiting list. At launch, those on the waiting list will be the first to get access to apply for the card.
- The new credit card offers “real-time crypto rewards that are available in all 50 US states and will be accepted wherever Mastercard is accepted,” the announcement said. It further emphasizes that unlike most cards, which pay out rewards monthly, holders of this credit card will “receive their crypto rewards as the transaction takes place for most of their purchases.”
- Mastercard has worked on several crypto projects. The company partnered with Wirex and Bitpay last year and joined forces with crypto exchange LVL this year. The payment giant announced in February that it will support cryptocurrencies directly on its network.
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