Cryptocurrency exchange Gemini has announced a partnership with Mastercard to implement a crypto rewards credit card.
The credit card was first announced in January, but both firms finalized their plans to begin offering the feature this summer.
Crypto credit cards grow in the industry
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The number of credit card rewards in the crypto industry is growing, after cryptocurrency lender BlockFi announced the launch of its credit card earlier this year.
BlockFi issues a 1.5% cash back reward for every transaction made with your card. The reward is then automatically converted to bitcoin and sent to the user’s BlockFi account.
But cardholders on Gemini will be able to transfer their crypto rewards to Gemini Earn, earning them interest. When released, the card will be available in all 50 US states.
The exchange, founded by the Winklevoss brothers, will offer 3% rewards on any of the cryptocurrencies available on the exchange. WebBank has been appointed to provide the cards, while Mastercard will provide the payment network.
Earlier this year, Visa and Mastercard announced that they will begin integrating crypto assets into their systems.
No annual fee for cardholders
Cardholders will receive 2% on grocery purchases and 1% on other purchases. But the highest prize is still 3% on restaurant purchases. According to the press release on the card feature, users are free to choose which cryptocurrency they want to receive such rewards, but it must be one of the 30 crypto assets listed on the Gemini exchange.
Instead of waiting until the end of the statement period, users will earn their rewards directly to their Gemini account in real time. In addition, the press release reported that users will not pay annual fees on the Gemini credit card.