Gemini cryptocurrency exchange has partnered with MasterCard to facilitate its credit card crypto reward system starting this summer. Gemini-powered credit cards would offer a 3% crypto reward on purchases made through the card. The card will be issued by WebBank, a Utah-based digital lender.
Raj Dhamodharan, Mastercard’s head of digital assets and blockchain products & partnerships,
“As consumers go about spending in various acceptance locations, now they get a chance to earn a reward in the form of crypto,”
Gemini first announced its credit card with crypto reward system back in January this year and the services would be available in all 50 states of the US. This would also mark MasterCard’s first of this kind crypto association with a credit card service. The Gemini crypto card would be accepted at all vendors where MasterCard is available.
Gemini Would Offer Real-Time Crypto Reward
The Gemini credit card would function would work like any other credit card service where users would be rewarded in real-time for spending their US Dollars via the credit card. Users would be rewarded in Bitcoin and 30 other cryptocurrencies offered by the crypto exchange and the crypto reward would be added to the user’s account every time they shop instead of monthly rewards offered by most of the credit card service providers. The firm in its official statement said,
This gives cardholders full control over their rewards and allows them to benefit from any appreciation in the price of their rewards from the moment the transaction occurs.
MasterCard along with VISA has also joined the growing crypto league this year, however, MasterCard had played down using Bitcoin in their crypto endeavor claiming it is too volatile to act as a form of payment. VISA on the other hand has decided to embrace Bitcoin along with other altcoins and joined the growing league of mainstream payment processing.