The cryptocurrency platform Gemini has announced that it plans to roll out a “Gemini Credit Card” that will pay its customers rewards in cryptocurrency.
According to Gemini, the card, which is issued by WebBank and uses the Mastercard network, will allow users to earn up to 3% “crypto back” on dining, 2% back in crypto on grocery purchases, and 1% back in crypto on all other purchases.
The rewards are paid in up to 60 other cryptocurrencies and are automatically deposited directly into the customer’s Gemini accounts.
Consumers can use their cards to make everyday purchases. Then, rewards are paid in cryptocurrencies that are supported by Gemini’s exchange which includes Bitcoin, Ether, and Dogecoin, as well as other options.
Expanding access to cryptocurrencies
Digital currencies have increased in value in recent years. Now, the introduction of cryptocurrency reward cards could expand this further.
Unlike other rewards cards, the Gemini card will convert the amount of the reward from US dollars into the cryptocurrency of the user’s choice. Gemini says that, so far, over 500,000 people have signed up for the waiting list to get hold of a card.
According to Sherri Haymond, executive vice president of Digital Partnerships at Mastercard: “Mastercard and Gemini share the belief that providing relevant and innovative crypto rewards experiences will not only empower consumers but also unlock access to the digital currencies ecosystem.
We’re honored to work hand in hand with Gemini to deliver this one-of-a-kind rewards offering and make it even easier for consumers to experience crypto.”
Pravjit Tiwana, chief technology officer (CTO) at Gemini added: “Gemini is committed to helping drive more education and offer innovations that remove barriers of entry for consumers who want access to crypto such as bitcoin.
We developed the Gemini Credit Card to offer a simplified way to invest in crypto without asking consumers to change their daily behavior.”