Mastercard has partnered with Gemini, the cryptocurrency platform founded by twin billionaires Tyler and Cameron Winklevoss to create a cryptocurrency rewards card.
WeBank — a new Chinese-owned bank — will issue the virtual credit card to interested customers later this summer, according to a press release.
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, said Gemini CEO TylerTyler Winklevoss in a Tuesday statement.
He continued: Mastercard continues to economize and meet both industry and consumer demands and commits to the crypto space. We're excited to partner with them on our first crypto rewards card, helping further with cryptocurrency mainstreaming.
In February, MasterCard announced that it would start supporting Bitcoins on its network later this year as companies like BNY Melon, Tesla, Apple, Twitter, Square and Venmo show interest in Bitcoin payments and trading.
The Gemini card will allow customers to purchase bitcoin or 30 other cryptocurrencies as a reward for the other daily purchases, according to the release. Cardholders get 3% back on dining, 2% back on groceries and 1% back on other purchases which will automatically be transferred to customers' accounts. They can also grow their crypto reward programs to Gemini's interest-profiting program, GeminiGemini Earn, to transfer their funds.
The card comes with professional customer support 24/7 and no annual fee.
Customer choice is at the heart of Mastercard's strategy, giving people flexibility in how they pay and anticipating their evolving preferences, Linda Kirkpatrick, president of North America at Mastercard, said in a statement. Our work with Gemini builds on that position, connecting consumer needs with the next-generation assets and delivering a ground-breaking experience that redefines the future of card rewards and benefits.
Customers in all 50 states are eligible to receive crypto reward through the Gemini card.