Cryptocurrency exchange Gemini has teamed up with Mastercard and WebBank for its upcoming credit card that lets users earn crypto rewards.
In the works since Gemini acquired fintech Blockrize at the beginning of the year, the card now has a waitlist of more than 140,000 ahead of its summer launch. Mastercard will act as exclusive card network, with WebBank as issuer.
Cardholders will earn up to three per cent back on qualifying purchases in bitcoin or any of the more than 30 cryptocurrencies available on Gemini. Rewards will be automatically deposited into customers' Gemini accounts.
Tyler Winklevoss, CEO, Gemini, 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."
For Mastercard, the deal marks another milestone in its embrace of crypto. In February, the card giant revealed that it is preparing its network to handle the direct processing of cryptocurrency payments later this year.
Linda Kirkpatrick, president, North America, Mastercard, says: "Consumer choice is at the center of Mastercard’s strategy - giving people flexibility in how they pay and anticipating their evolving preferences.
"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."