Mastercard announced on Tuesday its collaboration with cryptocurrency trading platform Gemini to launch around mid-year in the United States a pioneering credit card with which customers will receive rewards in the form of bitcoin or other digital currencies for their purchases.
Customers of the “Gemini Credit Card,” which will be accepted on Mastercard’s network nationwide, will get up to 3% of the value of their purchases back in “crypto rewards” that will be deposited into an account on the Gemini platform linked to the card, the two companies said in a statement.
At the moment there is a waiting list to be able to access the Gemini card, which has accumulated 140,000 applications since its presentation last January and that after the collaboration with Mastercard will also incorporate its usual offers in food delivery services such as DoorDash and transportation services such as Lyft.
Gemini CEO Tyler Winklevoss highlighted Mastercard’s “commitment” to the cryptocurrency ecosystem: “We are excited to collaborate with them on our first real-time cryptocurrency rewards card, which will help further popularize cryptocurrencies,” he said.
Mastercard’s North American president, Linda Kirkpatrick, said that “consumer choices” are at the core of its strategy and opined that this collaboration “connects consumer needs with next-generation assets” to deliver an experience “that redefines the future of card rewards and benefits.”
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Mastercard disclosed in February that it would start supporting some cryptocurrencies, amid growing backing from companies and institutions including the world’s largest asset manager, BlackRock; digital payments firm PayPal or mobile payments firm Square.
After learning the information, Mastercard shares rose 0.25% on the New York Stock Exchange.