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Gemini Plans on Introducing Bitcoin Cash Back Rewards on MasterCard

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Gemini Plans on Introducing Bitcoin Cash Back Rewards on MasterCard

Gemini, one of New York's cryptocurrency exchanges, announced its plans on partnering with MasterCard to launch a Gemini credit card early this week. The credit card will allow cryptocurrency users to send and receive cashback rewards in coins provided on the Gemini platform.

The partnership announced on Tuesday will involve an online banking institution WebBank, responsible for issuing credit cards. That comes after a press release by MasterCard stating that "Gemini credit cards will be different from other cards that pay out rewards monthly, the card will generate cryptocurrency rewards as soon as the transaction is initiated in any of the purchases."

The credit card generates three percent of bitcoin cash back, or any other cryptocurrency users select in the Gemini's platform. On transacting, rewards are instantly deposited in the cardholder's Gemini account.

Using the card will give users complete control in monitoring and controlling rewards. That will provide credit cardholders with the benefit of any price appreciation on rewards right from when one executes a transaction.

Gemini credit card sets to be launched later in 2021. A report also shows over 140,000 Gemini users have signed up and are waiting for its launch. It is not the first time an exchange platform to introduce cryptocurrency credit cards. We have exchange platforms like Coinbase, which issues customers with credit cards to make easy transactions.

According to Linda Kirkpatrick, North American's MasterCard operation president, the Firm is happy to provide customers with more cryptocurrency payment and rewards options. "Our partnership with Gemini built upon this position is connecting customers with the new generation assets and initiating a groundbreaking experience towards redefining the future of card rewards and their benefits." she added.

Gemini's Co-founder, Tyler Winklevoss, stated that cryptocurrency credit cards were a suitable method of issuing users a hassle-free entry point. "The credit cards will see investors earn crypto as a reward without making changes to their daily spending habits." Winklevoss commented. "Mastercard is evolving toward meeting both industry and customer demands and at the same time committing to the crypto space. Our partnership with MasterCard is exciting since it is our first real-time cryptocurrency reward card, and will help bring crypto mainstream," he added.

In addition to launching credit cards, Gemini credit cards will appear in a metal design, and no annual fee to be charged. Customers will choose cards in three different colors black, rose gold, or silver. There will be no sensitive information such as security code, or card number disclosed, unlike the regular credit card. The only details on the card will be the user's name.

Some of the benefits that cardholders will enjoy in owning Gemini credit cards are offers such as Shoprunner, DoorDash, Lyft, and HelloFresh. Beneficiaries will get 3% on dining, 2% on groceries, and 1% for other purchases. It also features MasterCard Id theft protection, price protection, and zero liability.

Additionally, Gemini disclosed its newly purchased Blockrize, One of the cryptocurrency payment startups formerly run by product developers, including Google, JPMorgan Chase, BitMEX, and American Express.

About 10,000 people are on the Blokrize waitlist and are expected to get early access to the Gemini Credit Card after the launch. Blocksize becomes the second Gemini acquisition after Nifty Gateway, one of the non-fungible token platforms.

Gemini credit cards will be available to all U.S. residents across all states with regular credit card operations. The increasing consumer interest in digital assets might expand the crypto-focused credit cards to more value in the future

Earlier last month, a report leaked Visa and BlockFi plans to unveil new credit cards that will reward users with bitcoins. That will give people flexibility in payments and how they anticipate their evolving preferences.

Conclusion

The introduction of credit cards will be exciting news for investors looking forward to acquiring cryptocurrencies like bitcoins. Similarly, the credit card will eliminate the need for exchanges, fraudsters, and the hassle process of earning bitcoins.

Some crypto enthusiasts stated that they have no intentions of using a debit card tied to a cryptocurrency wallet. The decision is to secure their stored crypto assets for speculated future price appreciation. Credit cards can be alternative cards that will earn you cashback rewards.