Winklevoss twins-backed cryptocurrency exchange, Gemini has revealed the details of its credit card that will reward users in cryptocurrencies. The credit card will be launched in the summer with partnerships with Mastercard and WebBank.
Gemini first unveiled its plans to introduce a crypto credit earlier this year with the acquisition of Blockrize, a startup that was already working on cryptocurrency reward systems. That deal expedited the launch process.
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The official announcement detailed that the card will offer up to 3 percent rewards on spends that will be shared in Bitcoin or any other digital currencies supported by Gemini. Interestingly, the reward points will be credited in real-time, meaning the cryptos will be received by the cardholder instantly at the purchase.
Additionally, the exchange will not charge any annual fee from the cardholders.
“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,” Gemini CEO, Tyler Winklevoss said in a statement.
Crypto Prices Pushed the Demand Higher
The card turned out to be hit with the rise in crypto prices as the company revealed that more than 140,000 people already signed up and are on the waitlist.
Though the Gemini credit card will be available only in the United States, it will be accepted by all the merchants on the Mastercard network.
“Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space. We’re excited to partner with them on our first real-time crypto rewards card, further helping to bring crypto mainstream,” Winklevoss added.
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