The New York Cryptocurrency Exchange announced Gemini on Tuesday about the pending release of the Gemini credit card, which will allow cryptocurrency holders to use cryptocurrency and receive cashback rewards in the form of Bitcoin (BTC) or other cryptocurrency available on the Gemini platform.
The credit card is issued together with Mastercard and issued by WebBank. It is expected to be released next summer and has reportedly already received over 140,000 subscriptions from potential customers, according to a press release from the company.
Gemini joins major cryptocurrency exchanges such as Binance and Coinbase and launches a cryptocurrency credit card as holders look for a way to use their coins in real situations. The Gemini card is believed to give users 3% cashback on grocery purchases, 2% on groceries and 1% on other purchases. Apparently, the reward will be returned to the user in real time, exactly at the moment the transaction takes place.
Linda Kirkpatrick, Mastercard’s chief operating officer for North America, said the finance company was pleased to offer customers more options by allowing cryptocurrency payments and bonuses.
“Our work with Gemini builds on this position, combining consumer needs with next-generation assets and delivering innovative experiences that redefine the future of rewards and benefit cards,” she said.
Gemini co-founder Tyler Winklevoss said that cryptocurrency credit cards are a good way to give users an entry point into the cryptocurrency space without having to change their current usage habits.
“As more consumers seek to enter the crypto ecosystem, the Gemini credit card gives them an easy entry point and easy way to earn cryptocurrency as a reward without changing their daily usage habits,” said Winklevoss.
Mastercard continues to evolve, meets the needs of industry and consumers, and follows the crypto space. We are excited to partner with them to create the first real-time cryptocurrency rewards card that further aids in the adoption of cryptocurrency. ”