Gemini Credit Card Sees Mastercard Step Up Crypto Exposure

  • Gemini yesterday announced a crypto credit card in conjunction with Mastercard
  • The Gemini Credit Card will see users get crypto rewards of up to 3%
  • The linkup is another example of Mastercard’s growing interest in the crypto space

Payment giant Mastercard has teamed up with crypto exchange Gemini to offer the first cryptocurrency credit card with a rewards feature. Users of the Gemini Credit Card will be eligible for rewards of up to 3% on purchases, with rewards available in a range of cryptocurrencies, with all the usual extra benefits associated with Mastercard credit cards. The move illustrates a further step into the crypto world from the card provider, following several dropped hints in previous months that it was looking to increase its presence in the burgeoning space.

Crypto Cashback With Gemini Credit Card

The Gemini Credit Card was announced yesterday, with Utah-based digital lending company WeBank revealed as the issuer. Accepted wherever Mastercard is accepted, the Gemini Credit Card will also have a new high security design, with sensitive information such as the card number not printed on the card but instead accessible only to cardholders through the Gemini app.

Pre-paid crypto debit cards have grown hugely in recent years, but credit cards remain less common as they are harder to establish and issue than pre-paid debit cards. Mastercard and Visa remain the two premiere global credit card companies around, and the Gemini Credit Card has only been able to launch now in large part thanks to Mastercard’s desire to get in on the crypto action.

Mastercard Takes Another Step into Crypto

This desire has been made plain in recent moves such as taking crypto business from rivals like Visa, signing up BitPay and Wirex in the past year among others, and recently announcing an upgrade to their payment processing to allow them to accept cryptocurrency payments at terminals. The crypto cashback feature on the Gemini Credit Card is a new avenue however, and one that shows a growing acceptance of digital currencies as a part of everyday life.

Originally published at https://fullycrypto.com on April 28, 2021.

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