Mastercard and digital currency exchange Gemini to launch crypto rewards credit card By Reuters

Mastercard and digital currency exchange Gemini to launch crypto rewards credit card By Reuters


© Reuters. FILE PHOTO: Mastercard Inc. credit cards are displayed in this picture illustration

LONDON (Reuters) – Mastercard Inc (NYSE:) and U.S. cryptocurrency exchange Gemini will launch the first credit card that gives users digital currency “rewards” on purchases this year, deepening the involvement of major payment firms in the emerging asset class.

Users of the card will from this summer receive up to 3% in bitcoin or other cryptocurrencies on their purchases, the companies said in a statement, with the digital currency deposited in the cardholder’s Gemini account.

The card will be issued by WebBank, a Utah-based digital lender.

Payment giants from Mastercard and Visa Inc (NYSE:) to PayPal Holdings Inc (NASDAQ:) have stepped up their engagement with cryptocurrencies in recent months, as larger investors and companies warm to bitcoin and its kin.

Mastercard said in February it was planning to offer support for some cryptocurrencies on its network this year, while Visa will also allow the use of cryptocurrency to settle transactions on its payment network.

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

The card will be available in the United States.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply