Gemini to launch Bitcoin cashback rewards on Mastercard credit card

New York based cryptocurrency exchange Gemini announced the pending release of the Gemini Credit Card, which will allow cryptocurrency holders to spend their crypto and receive cashback rewards in Bitcoin (BTC) or any other cryptocurrency available on the platform.

Gemini to launch Bitcoin cashback rewards on Mastercard credit card

The exchange will release credit cards in partnership with Mastercard and will be issued by online banking institution WebBank. It is expected to be released during this coming summer and has already received over 140,000 sign-ups as waiting customers already.

Gemini is following the major exchanges like Binance and Coinbase in launching a crypto credit card as holders are seeking ways to utilize their crypto as payments.

The Gemini card will offer 3% cashback to the users on dining purchases, 2% on groceries and 1% on other purchases. The rewards will reportedly be paid as cashback to the user at the very moment the transaction is done.

The president of Mastercard’s North American operations, Linda Kirkpatrick, said the financial services firm was happy to provide more choices for customers by allowing cryptocurrency as payments and rewards.

“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,” she said.

Following the announcement news, Gemini co-founder Tyler Winklevoss said, “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.” Further he added, “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 to the mainstream.”

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