Seeking to encourage crypto payments, Gemini, has confirmed details of its cryptocurrency rewards credit card, including a partnership with Mastercard and WebBank.
Following its rollout at the start of the year, the Gemini credit card has grown in popularity – with the waiting list now hosting more than 140,000 people.
Key to the new offering is that it provides Cardholders with up to 3% back on qualifying purchases in bitcoin or any of the more than 30 cryptocurrencies available on Gemini, with the crypto rewards being automatically deposited into the cardholders’ Gemini account.
Tyler Winklevoss, CEO of Gemini, commented: “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.
“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.”
The Gemini Credit Card also seeks to provide consumers with heightened access to acquiring bitcoin or other cryptocurrencies as part of rewards for their everyday purchases.
Cardholders will earn up to 3% back on dining, 2% back on groceries, and 1% back on other purchases. Cardholders also have the option to transfer their crypto rewards into Gemini Earn, a new interest-earning program, to grow their holdings even further.
Linda Kirkpatrick, president of North America at Mastercard, added: “Consumer choice is at the center of Mastercard’s strategy – giving people flexibility in how they pay and anticipating their evolving preferences.
“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.”