Gemini announced today that Mastercard has been chosen as its card partner.
We are excited to announce Mastercard as the network partner for the #GeminiCreditCard! We are thrilled to work with one of the most trusted and globally recognized brands in the credit card and payments space.
— Gemini (@Gemini) April 27, 2021
Indeed, the Winklevoss twins’ exchange is about to release its own cryptocurrency-powered payment cards, and has chosen Mastercard as its partner payment circuit. The issuing bank, on the other hand, will be WebBank.
“We are thrilled to work with one of the most trusted and globally recognized brands in the credit card and payments space”.
Gemini’s new cards have not yet been released, but the company says they are expected to be launched in the summer of this year.
Gemini Credit Cards on the Mastercard circuit
These cards will offer customers cashback of up to 3% on meals, 2% on groceries, and 1% on other purchases, with rewards in bitcoin or any cryptocurrency available on Gemini.
They have no annual fee, and no foreign exchange commissions.
They will also be able to be integrated into Apple Pay or Google Pay, once the user has been approved.
They will be available in three metallic versions (black, silver and rose gold), in 50 US states, and can be used worldwide where the MasterCard circuit is supported.
Gemini Credit Cards will allow payments in US dollars to be made using funds in the exchange account, which is also where cryptocurrency rewards are automatically deposited.
More and more crypto exchanges are now allowing their customers to use the funds in their accounts to make fiat payments on circuits such as Visa or Mastercard. This means you don’t have to find merchants that accept cryptocurrencies to use them as a means of payment, because the conversion from crypto to fiat is done directly by the exchange, automatically, at the time of payment.
With this solution, it is actually possible to use your cryptocurrencies to make purchases anywhere.