To provide the new cryptocurrency rewards card, Gemini partnered with MasterCard and WebBank, which is a leader in digital lending and will be the bank that will issue the card.
“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,” said Tyler Winklevoss, the CEO of Gemini.
Linda Kirkpatrick, president of North America at Mastercard, noted that the company’s work with Gemini is part of its strategy to provide users more flexibility when it comes to payments. Connecting consumer needs with next-generation assets such as cryptocurrencies will redefine the future of card rewards and benefits, she explained.
According to the company’s press release, the Gemini Credit Card — which supports 30 cryptocurrencies — will offer real-time crypto rewards in all 50 U.S. States and is set to launch this summer. The 140,000 people currently on the waiting list for the card will receive first access to apply.
Unlike most reward cards, the Gemini Credit Card will deposit cryptocurrency rewards to users as the transaction occurs. Aside from giving cardholders full control over their rewards, it also enables them to benefit from any appreciation in the price of their reward. The card will have no annual fee and will enable holders to earn up to 3% back on qualifying purchases.