In a bid to deepen crypto ties with major payment firms, Mastercard Inc has joined forces with Gemini, a US-based crypto exchange, to launch a crypto rewards credit card.
According to a Reuters report, cardholders will be rewarded with a portion of the cryptocurrencies deposited into their Gemini accounts.
Per the report, the reward service is set to commence from this summer with 3% of every deposited crypto. In other words, users of the crypto rewards credit card will receive 3% of the digital currencies deposited into their Gemini account.
Reports revealed that the card will be available to customers in the United States. This will therefore attract more customers to the exchange.
Furthermore, the latest development will trigger reluctant or new enthusiasts into engaging in crypto transactions, thereby driving them to acquire more cryptocurrencies via the exchange.
“As consumers go about spending in various acceptance locations, now they get a chance to earn rewards in the form of crypto.” The head of digital assets and blockchain products & partnerships at Mastercard, Raj Dhamodharan, affirmed.
Mastercard Upping Its Crypto Games
It is no doubt that large firms have been embracing the idea of cryptocurrencies in recent times, this has triggered many crypto firms to begin to heighten their affairs with cryptocurrencies.
As such, Mastercard and Gemini’s latest crypto rewards credit card prove the companies’ attempts to up their crypto games.
The global payment processing company, in its race to deepen ties with crypto assets, has partnered with several crypto companies and countries looking to develop a central bank digital currency (CBDC).
More recently, Mastercard partnered with the central bank of the Bahamas and Island Pay, an online payment service provider, to launch the Bahamas Sand Dollar prepaid card.
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Author: Caroline John