Gemini Exchange Launches Mastercard Credit Card With Cryptocurrency Cashback – Bits Media

Gemini cryptocurrency exchange has entered into a partnership with Mastercard to issue a credit card with the ability to receive cashback in cryptocurrencies. The card will be available this summer throughout the United States.

Gemini, founded by brothers Cameron and Tyler Winklevoss, reported, that this is the first partnership of the exchange with a payment system for issuing 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.

Card holders will be able to spend US dollars and receive a cashback card in Bitcoin or in any other cryptocurrency for using a cashback card, available for trading on the Gemini exchange. For credit card holders, cashback is provided up to 3% when paying bills in cafes and restaurants, 2% when buying food products and 1% for other purchases.

US citizens will be able to pay for goods and services by the Gemini card everywhere, where is Mastercard accepted. According to the management of the exchange, cashback in the selected cryptocurrency will be credited in real time immediately after the transaction. This will enable cardholders to fully control their rewards and benefit from the increased rate of received cryptoassets.. Gemini reported, which is more 140 000 people signed up for the waiting list, to be the first to test the capabilities of this card.

Last year, the Coinbase exchange also launched a debit card for US citizens with cashback in XLM or BTC. However, Coinbase began to cooperate with another payment operator – Visa. Binance exchange did not stand aside, which at the end of the year began to deliver Binance Visa Card cards to the EU territory.