On Thursday, the New York-based crypto exchange Gemini announced the launch of its crypto credit card that offers 3% cashback rewards in Bitcoin across the United States.
"We developed the Gemini Credit Card to offer a simplified way to invest in crypto without asking consumers to change their daily behavior," said Pravjit Tiwana, CTO of Gemini. "With the Gemini Credit Card, users also have access to a single trusted platform to buy, sell, store, and earn real interest in crypto, and we couldn't be more excited to make it widely available across the United States."
The card was first announced last January as a way to reward customers with cashback in Bitcoin. At the time, Gemini co-founder Tyler Winklevoss said, “Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases."
Gemini Credit Card has already seen over 500,000 customers register for the card, which allows them to use more than 60 cryptocurrencies, including Bitcoin, Ether, and Dogecoin. Users will be able to earn a percentage back in crypto, including 3% on dining, 2% on groceries, and 1% on other purchases.
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The card is a partnership with WebBank and will run on the Mastercard network.
“Mastercard and Gemini share in the belief that providing relevant and innovative crypto rewards experiences will not only empower consumers, but also unlock access to the digital currencies ecosystem," said Sherri Haymond, executive vice president for digital partnerships at Mastercard. "We’re honored to work hand in hand with Gemini to deliver this one-of-a-kind rewards offering and make it even easier for consumers to experience crypto.”
The move comes on the heels of a Wednesday announcement about "the world's first crypto-backed payment card" from Mastercard and Nexo, a cryptocurrency lending company in Europe.
The "Nexo card" is currently only available in some European countries, but works like a normal credit card: users can pay for traditional goods and services, with the advantage of using cryptocurrency as collateral. Users can also link the card to their Apple Pay or Google Pay accounts. The cards will be accepted at 92 million merchants worldwide that take Mastercard, according to the company.
"The card requires no minimum repayments, monthly, or inactivity fees. There are no [foreign exchanges] fees for up to 20,000 Euros per month," Nexo said.