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Gemini and Mastercard to launch crypto rewards credit card this summer

Mastercard will become the exclusive card network for the crypto-friendly Gemini Credit Card.

Gemini and Mastercard to launch crypto rewards credit card this summer
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Crypto exchange Gemini has partnered with payments giant Mastercard as the exclusive card network for the platformโ€™s upcoming โ€œfirst-of-a-kindโ€ cryptocurrency rewards credit card, according to an announcement published today.

โ€œToday weโ€™re announcing our partnership with Gemini to deliver a first-of-a-kind cryptocurrency rewards credit card. The Gemini Credit Card gives consumers an easy way to earn crypto as a reward without changing daily spending habits,โ€ Mastercard tweeted.

First revealed in January, the Gemini Credit Card will allow customers to earn up to 3% cashback in Bitcoin or more than 30 other cryptocurrencies, deposited directly to their Gemini accounts. Digital lending bank WebBank will act as the cardโ€™s issuer.

Real-time crypto rewards

According to Gemini, this system is โ€œfirst-of-a-kindโ€ because it allows delivering crypto rewards in real-time (and not on a usual monthly basis) and has no annual fees. Upon approval, cardholders will be able to immediately use the Gemini Credit Card to make purchases online or at points-of-sale by adding it to their mobile wallet.

โ€œAs 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,โ€ said Tyler Winklevoss, CEO of Gemini, in the announcement.

Per the announcement, the Gemini Credit Card will be launched this summer in all 50 U.S. states, with users from the waitlist (which already exceeds 140,000 people) being the first to access the new service.

โ€œConsumer choice is at the center of Mastercardโ€™s strategyโ€”giving people flexibility in how they pay and anticipating their evolving preferences,โ€ ade Linda Kirkpatrick, president of North America at Mastercard. โ€œOur 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.โ€

As CryptoSlate reported, Mastercard is currently looking to expand its presence in the cryptocurrency sector. In February, the company announced that it plans to add support for cryptocurrencies to its network โ€œlater its year.โ€

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