MasterCard, Gemini Announce Bitcoin Rewards Credit Card
Customers may soon be able to earn Bitcoin and cryptocurrency rewards for credit card purchases.
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WebBank has partnered with MasterCard and Gemini to offer Bitcoin and cryptocurrency rewards for credit card purchases.
MasterCard to Give Bitcoin Rewards
WebBank-issued Gemini credit cards powered by MasterCards will deposit up to 3% of credit card purchases in Bitcoin or other cryptocurrencies to a user’s Gemini crypto wallet.
Reportedly, the launch is planned for later this year and will be issued in the United States only.
Gemini had opened the waitlist for reward-based credit cards for U.S. customers in January. The number of applications surpassed 140,000.
Payment giants have increased their attention to crypto with the growing popularity of the NFT space and its recognition as an investment.
MasterCard announced its intention to support cryptocurrency payments earlier this year, looking to adopt assets “for spending, not investment.”
PayPal also launched a crypto investment product in October last year and enabled crypto payments last month. The online payment provider recently extended the investment service to the leading American payments app Venmo, hinting that payments will come on Venmo soon enough.
Free Bitcoin and crypto rewards for purchases will familiarize customers with crypto wallets (in this case, Gemini) and their use in payments.