Gemini cryptocurrency exchange has partnered with Mastercard to issue a credit card with the ability to receive cashback in cryptocurrencies. The map will be available this summer throughout the United States.
Gemini, founded by brothers Cameron and Tyler Winklevoss, announced that it is the exchange’s first partnership with a payment system to issue a card. It will work like a regular credit card, that is, a line of credit will be available to users depending on their income and credit history.
Cardholders will be able to spend US dollars and receive cashback for using the card in Bitcoin or any other cryptocurrency available for trading on the Gemini exchange. For credit card holders, up to 3% cashback is provided for paying bills in cafes and restaurants, 2% for buying groceries and 1% for other purchases.
US citizens will be able to pay for goods and services with a Gemini card wherever Mastercard is accepted. According to the management of the exchange, cashback in the selected cryptocurrency will be credited in real time immediately after the transaction is completed. This will enable cardholders to have full control over their rewards and benefit from the appreciation of the received cryptoassets. Gemini said more than 140,000 people have signed up to be the first to test the card’s capabilities.
Last year, Coinbase also launched a debit card for US citizens with cashback in XLM or BTC. However, Coinbase began partnering with another payment operator, Visa. The Binance exchange did not stand aside, which at the end of the year began delivering Binance Visa Cards to the European Union.
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