New York cryptocurrency exchange Gemini announced on Tuesday the pending release of the Gemini Credit Card, which will allow cryptocurrency holders to spend crypto and receive cashback rewards in the form of Bitcoin (BTC) or any other cryptocurrency available on the Gemini platform.
The credit card will be released in conjunction with Mastercard and will be issued by online banking institution WebBank. It is expected to be released this coming summer and has reportedly received over 140,000 sign-ups from waiting customers already, according to the company’s press release.
Gemini joins major cryptocurrency exchanges like Binance and Coinbase in launching a crypto credit card as holders seek a way to utilize their coins in real-world situations. The Gemini card will reportedly offer users 3% cashback on dining purchases, 2% on groceries and 1% on other purchases. The rewards will reportedly be paid back to the user in real-time, at the very moment the transaction takes place.
The president of Mastercard’s North American operations, Linda