Gemini partners with Mastercard to launch crypto credit card

Cryptocurrency platform Gemini has partnered with Mastercard and WebBank to issue a credit card.

Gemini was founded in 2014, by twin brothers Cameron Winklevoss and Tyler Winklevoss, who gained notoriety for their legal disputes with Mark Zuckerberg about their role in Facebook’s founding.

The New York based firm, which has over 200 employees, allows consumers to trade cryptocurrencies such as bitcoin and ethereum and competes against Kraken, Bitstamp, Lunu, Coinbase.

The new card, set to launch in the summer, will issue cryptocurrency rewards of up to 3 per cent on consumer’s purchases directly into their linked Gemini accounts.

The news follows increased interest in cryptocurrencies from major payment providers; Mastercard began allowing the use of cryptocurrency to settle transactions on its payment network in February, while Visa began accepting USD Coin (USDC), a stablecoin backed by the US dollar, to accept transactions in March.

The card will initially only be available in the United States.

“Consumer choice is at the center of Mastercard’s strategy – giving people flexibility in how they pay and anticipating their evolving preferences,” said Linda Kirkpatrick, president of North America at Mastercard. “Our work with Gemini builds upon this position, connecting consumer needs with next-generation assets and delivering a ground-breaking experience that redefines the future of card rewards and benefits.”

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.