Mastercard and Gemini launches crypto rewards credit card

Mastercard

Mastercard Inc and U.S. cryptocurrency exchange Gemini will launch the first credit card that gives users digital currency “rewards” on purchases this year.

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 to PayPal Holdings Inc 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.

The card will be available in the United States.

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