Gemini and Mastercard to launch crypto-cashback credit card

The cryptocurrency exchange Gemini has signed an agreement with Mastercard and WebBank to launch in the summer of 2021 a credit card offering cashback in cryptocurrencies for residents of all U.S. states.

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Today we’re announcing our partnership with @Gemini to deliver a first-of-a-kind #cryptocurrency rewards credit card. The #GeminiCreditCard gives consumers an easy way to earn #crypto as a reward without changing daily spending habits. Learn more: https://t.co/3GiWJtPu2g

— Mastercard News (@MastercardNews) April 27, 2021

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Gemini Card holders will receive cashback in Bitcoin or one of 30 other digital assets supported by the exchange when paying in U.S. dollars.

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• Up to 3% on dining at cafes and restaurants;
• 2% on groceries;
• 1% on all other purchases.

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Cashback will be issued in real time after each transaction. Users will also be assigned a credit limit based on their income and credit score.

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As of the January announcement of the card, the waitlist had grown to 140,000 Gemini customers.

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In October 2020, the cryptocurrency exchange Coinbase announced the launch of a Visa debit card for US residents.

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Users in the United Kingdom gained access to Coinbase Card in April 2019. In June the company released the card for residents of Spain, Germany, France, Italy, Ireland and the Netherlands.

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In September 2020, the cryptocurrency exchange Binance announced the launch of a payment card within the European Economic Area.

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