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.”

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