Gemini cryptocurrency exchange is set to launch the first rewards credit card in the market. This will make it easier for people to pay for goods and services using digital currencies.
Gemini to launch crypto rewards credit card
Leading cryptocurrency exchange Gemini will launch a feature that will make it easier for people to pay for goods and services using cryptocurrencies with credit cards. This would be the first of its kind in the crypto space. Granted, the new initiative could positively affect the cryptocurrency lending sector.
Gemini announced earlier today that it has partnered with Mastercard to launch the cryptocurrency rewards credit card. The exchange said in a statement, “Gemini, a cryptocurrency platform, today announced details of its first-of-a-kind cryptocurrency rewards credit card, including a partnership with Mastercard and WebBank, a leader in digital lending and the bank issuing the credit card.”
Gemini is owned by the Winklevoss twins. The company revealed that since the program was first introduced earlier this year, they already have over 14,000 people on its waitlist.
Certainly, the credit card will provide numerous benefits to its holders. According to the post, “Cardholders will earn up to 3% back on qualifying purchases in bitcoin or any of the more than 30 cryptocurrencies available on Gemini. Crypto rewards will automatically be deposited into the cardholders’ Gemini account.”
Gemini will develop a unique crypto rewards platform that delivers crypto rewards in real-time. The platform will issue rewards almost instantly, unlike other credit cards that pay out rewards monthly. “Gemini cardholders will receive their crypto rewards as the transaction occurs for most of their purchases. This gives cardholders full control over their rewards and allows them to benefit from any appreciation in the price of their rewards from the moment the transaction occurs,” Gemini added.
In addition, the cryptocurrency exchange listed other benefits of the program. These include zero annual fees, high-end security, and near-instant credit card access. Thus, the new program will ensure that users can start making more purchases online and through other outlets.
Gemini making it easier for users to adopt cryptos
The cryptocurrency exchange said it wants to make it easier for people to use cryptocurrencies for their daily transactions. Further to this, Tyler Winklevoss, CEO of Gemini, stated that “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.”
The service is expected to be rolled out in the summer.