The US crypto exchange Gemini has partnered with Mastercard and WeBank to launch a credit card that will give its users rewards in cryptocurrency.
The card generates 3% in Bitcoin or whichever cryptocurrency the user chooses that is available on Gemini's platform and crypto rewards will be automatically deposited into the cardholders' Gemini account.
Mastercard's press release said that "Unlike most cards, which pay rewards out monthly, Gemini cardholders will receive their crypto rewards as the transaction occurs for most of their purchases. This gives cardholders full control over their rewards and allows them to benefit from any appreciation in the price of their rewards from the moment the transaction occurs."
The card will have a metal design, will not have an annual fee and will be available in black, silver or rose gold. Instead of having sensitive information like the card number and the security code, the card will only show the user's name.
Cardholders also receive the benefits of having a Mastercard such as offers from DoorDash, HelloFresh, Lyft and ShopRunner and others. The card also features Mastercard ID Theft Protection™, Zero Liability and Price Protection.
The press release noted that cardholders will receive 3% on dining, 2% on groceries and 1% on other purchases.
“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 Tyler Winklevoss, CEO of Gemini.
“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.
“Consumer choice is at the center of Mastercard’s strategy – giving people flexibility in how they pay and anticipating their evolving preferences,” said Linda Kirkpatrick, president of North America at Mastercard. “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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