Continuing its crypto-related efforts, Mastercard is partnering with the Gemini digital asset exchange to introduce an innovative credit card for crypto rewards. The so-called Gemini credit card already has over 100,000 people on its waiting list, but should see the light of day in summer.
Crypto Rewards credit card from Gemini
Founded and managed by the Winklevoss twins, the crypto exchange today announced its newest product. In addition to 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 garnered 140,000 people on the waiting list. This includes up to 3% of the cashback for “qualified purchases” in Bitcoin or some other digital assets listed on Gemini. Immediately after the transactions, the rewards are automatically paid into the cardholder’s accounts on the stock exchange.
Gemini promised the card would come with no annual fees combined with 24/7 live customer support that “should provide a superior cardholder experience.”
The card is initially available in three colors – black, silver and rose gold – and does not contain the 16-digit card number. Instead, it can be easily accessed through customers’ Gemini accounts and requires two-factor authentication.
“As more and more customers want to join the crypto ecosystem, the Gemini credit card provides them with an easy entry point and an effortless way to earn crypto as a reward without changing their daily expenses.” – commented Tyler Winklevoss, CEO of Gemini.
When launched later this year, the card will be available in all 50 states and accepted wherever Mastercard operates.
Mastercard doubles on crypto
Winklevoss also described Mastercard’s recent efforts to be part of the cryptocurrency industry as a major milestone in terms of mass adoption. CryptoPotato previously reported that the US financial services giant decided to support multiple digital assets directly on its network.
Linda Kirkpatrick, the North American president of Mastercard, noted that the company’s pro-crypto approach is aimed at meeting rapidly growing customer demand. Specifically commenting on the Gemini credit card, Kirkpatrick added:
“Our collaboration with Gemini builds on this position, connecting consumer needs with next-generation assets, and delivering a breakthrough experience that redefines the future of card rewards and benefits.”
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