MasterCard has partnered with the crypto exchange Gemini to launch a new cryptocurrency reward credit card with real-time rewards. Cardholders can earn up to 3% of Bitcoin or multiple supported cryptocurrencies in real time.
- The two companies announced on Tuesday that payment giant MasterCard will partner with cryptocurrency exchange Gemini this summer to launch a new crypto reward credit card. Mastercard will be the only card network for Webbank to issue cards.
- New credit card holders will earn up to 3% in return by qualifying purchases of Bitcoin or any of the 30+ cryptocurrencies supported by the exchange. Cryptocurrency rewards will be automatically stored in the cardholder’s account on the exchange. The card also has no annual fee.
- The project was launched at the beginning of this year, and so far, more than 140,000 people are on the waiting list. After activation, people on the waiting list will be granted access to the card for the first time.
- The new credit card provides “real-time cryptocurrency rewards available in all 50 states in the United States, and will be accepted wherever Mastercard is accepted,” the announcement details. It further emphasizes that unlike most cards that pay monthly rewards, the holder of this credit card “will receive their encrypted rewards when most purchases occur.”
- Mastercard has been working on several encryption projects. The company partnered with Wirex and Bitpay last year, and then joined forces with the cryptocurrency exchange LVL this year. The payment giant announced in February that it will start directly supporting cryptocurrencies directly on its network.
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