Mastercard Inc in partnership with crypto exchange platform Gemini will launch a digital currency rewards credit later this year.
Unlike other similar companies that deposit rewards weekly or monthly, Gemini is creating a platform that will deliver these rewards in real-time. Users won’t be charged any fee so, getting the entire worth of their respective rewards. Mastercard cardholders will also be given live customer support, available 24/7. The card will only be available in the United States.
Card users will be able to obtain up to 3% in more than 30 different cryptocurrencies including bitcoin on their acquirements starting from this summer. These rewards will be delivered to their Gemini accounts.
“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. Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space. We’re excited to partner with them on our first real-time crypto rewards card, further helping to bring crypto mainstream.”Tyler Winklevoss, CEO of Gemini
But what are crypto rewards credit cards?
These types of credit cards are intended to reward their users with cryptocurrencies. This concept is still very new and in development but has sparked a lot of interest, especially on digital currency enthusiasts.
Even though it might sound a little complicated, Crypto Rewards credit cards are very similar to most rewards credit cards. They will be accepted anywhere a credit card is usable, and every time users utilize them for purchases, a reward will be given to them. Unlike the traditional reward cards, you will earn cryptocurrency instead of cash.
Bitcoin Rewards Visa Credit Card
Visa and BlockFi, a secured non-bank lender that provides digital asset-backed USD loans to digital asset owners, are collaborating to launch the Bitcoin Rewards Credit Card. This card will be obtainable for every U.S. citizen, excluding those living in New York, because of regulatory restrictions.