Leading crypto exchange Gemini has announced a partnership with Mastercard, which will birth a Gemini credit card that will allow crypto holders to spend their holdings and receive cash back rewards in Bitcoin or other crypto assets.
Per the announcement, the crypto firm has already seen over 140k sign-ups for this credit card issued by online banking institution WebBank this summer.
The firm stated that the card users would receive up to 3 percent cash back on their transactions or purchases made using the credit card. It is also expected that the rewards would be paid back in real-time immediately after a transaction is completed or approved.
Linda Kirkpatrick, president of Mastercard’s North American operations, expressed her firm’s joy in providing more choices for customers. In her words, “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.”
According to Gemini co-founder Tyler Winklevoss, the Gemini card is the best entry for users without changing their spending habits. He says, “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.”
Already, other crypto exchanges like Binance and Coinbase have launched their crypto credit cards.