Gemini taps Mastercard for its crypto rewards credit card

Gemini taps Mastercard for its crypto rewards credit card

Crypto firm Gemini has partnered with Mastercard for its crypto rewards credit card that was first unveiled in January of this year.

This is Mastercard's first partnership with a crypto firm for a credit card, a Gemini spokesperson told The Block. Mastercard will serve as the exclusive network for the Gemini card.

The credit card, which would provide up to 3% rewards in bitcoin and other cryptocurrencies, is scheduled to launch this summer in all 50 states of the U.S. It will be accepted wherever Mastercard is accepted.

The card would work like a typical credit card, meaning users will receive a credit line based on factors like their income and credit score. They can spend up to the credit line limit and must pay back dues, potentially with interest. Gemini hasn't yet announced details on the credit line and interest.

Cardholders will have to spend U.S. dollars to get rewards in bitcoin or any of the more than 30 cryptocurrencies available on Gemini. As for categories, cardholders will earn up to 3% back on dining, 2% back on groceries, and 1% back on other purchases, said Gemini.

Rewards will be offered in "real-time," said Gemini, meaning cardholders will receive their crypto rewards as the transaction occurs instead of monthly rewards provided by other firms. "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," said the firm.

More than 140,000 people have joined the waitlist for the card since it was first introduced earlier this year, said Gemini, adding that these people will receive first access to apply for the card.

BlockFi is also set to launch its crypto rewards credit card at some point this year in the U.S. The card would offer a flat 1.5% reward in bitcoin for every transaction. Coinbase, on the other hand, is set to launch a Visa debit card that would provide a 1% reward in bitcoin or 4% in Stellar lumens, but cardholders will have to spend their crypto or stablecoins to earn rewards.

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