Gemini chooses MasterCard as partner for Crypto Rewards credit card
Leading cryptocurrency exchange Gemini has chosen MasterCard as a partner for its credit card initiative, scheduled for this summer. This was revealed in a press release.
Crypto Cashback Rewards
Along with Mastercard is WebBank, the Utah-based digital lending giant, the bank that issued the Gemini credit card.
Gemini will reward users with 3% cash back every time they make purchases with the card. A portion of these rewards would be refunded in crypto even if they make cash payments. They will also get 2% cash back on groceries and 1% on all other purchases.
Customers will receive their rewards instantly and not monthly, Gemini notes in the version. The rewards will be paid in Bitcoin or more than 30 other digital assets supported by the investment platform.
Gemini users will be able to redeem these cards at certain merchants such as DoorDash, HelloFresh, the popular Lyft ridesharing service, among others.
Cardholders can also choose to earn more crypto with the refund through the Gemini Earn program. The card will be available in all 50 US states upon release.
Gemini’s crypto rewards program was put in place following the acquisition of fintech startup Blockrize in January. Blockrize was founded by Thomas Harrison as a rewards-focused cryptocurrency credit card company.
Prior to the acquisition, the Blockrize team had a waiting list for their card to launch, and this list was subsequently added to the Gemini Credit Card waiting list. According to Gemini, the waiting list has grown to over 140,000 people so far.
Gemini walks into a crowded market
Gemini’s cash back initiative is not the first in the booming crypto industry. Crypto lender BlockFi announced in early January 2020 that it would launch a Bitcoin rewards credit card in early 2021.
The project, which is still under development, would see users earn a fixed repayment reward of 1.5% in Bitcoin for every purchase. It will further reward customers with a $ 250 bonus for spending $ 3,000 on the card in the first three months after launch.
Coinbase, America’s leading cryptocurrency exchange, is also eyeing the cash rewards program. The publicly traded exchange will reward customers 1% in Bitcoin for using their Visa debit card and 4% in Stellar lumens.
Jimmy has been following blockchain development for several years, and he is optimistic about its potential to democratize the financial system. When not immersed in the daily events of the crypto scene, he can watch legal reruns or try to beat his best score in Scrabble.