Mastercard And Crypto Exchange Gemini To Launch Crypto Rewards Credit Card

The mainstream adoption of digital assets and their underlying tech, the blockchain, has been one of the most important goals that the crypto industry set.

There have been a lot of moves taking place in this direction, and they seem to continue. The momentum is still here and unfolding.

Check out the official news coming from Reuters.

Reuters notes that Mastercard Inc and U.S. crypto exchange Gemini will launch the first credit card that gives users digital currency “rewards” on purchases this year – this only deepens the involvement of major payment companies in the emerging asset class.

It’s been also revealed that users of the card will from this summer receive up to 3% in bitcoin or other cryptos on their purchases, the companies said in a statement.

According to the notes, the digital currency deposited in the cardholder’s Gemini account.

The card will be issued by WebBank

It’s also worth mentioning the fact that the card will be issued by WebBank, a Utah-based digital lender.

“Payment giants from Mastercard and Visa Inc to PayPal Holdings Inc have stepped up their engagement with cryptocurrencies in recent months, as larger investors and companies warm to bitcoin and its kin,” Reuters says.

The same news agency noted that back in February, Mastercard said that they were planning to offer support for some cryptos on their network in 2021.

Visa will also be allowing the use of cryptos in order to settle transactions on the payment network.

“As consumers go about spending in various acceptance locations, now they get a chance to earn a reward in the form of crypto,” Raj Dhamodharan, Mastercard’s head of digital assets and blockchain products & partnerships, stated.

Check out the complete Reuters notes in order to learn all the details that are available on the website.

And last, but not least, we would also point out the fact that the card will be available in the United States.

Stay tuned for more news.

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An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.
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