Gemini has announced that it will offer a 1-3% cashback to users of its cryptocurrency MasterCard upon launching. The exchange platform users have been highly anticipating the release of the Gemini Crypto MasterCard.
The platform intends to give users of its upcoming MasterCard the benefit of spending their crypto-owned assets. A lot of positive response has been gotten so far. At the moment, 140000 potential users of the crypto MasterCard have signed up.
The crypto MasterCard will be issued by WebBank. WebBank is an online banking organization that has been operating successfully for years and has gained the trust of its users. At the moment, Gemini is focusing on credit cards and in due time, the option for debit cards will be made available for customers.
The Cashback Rewards
To make the offer more appetizing, Gemini will be offering cashback in the form of Bitcoin and other cryptocurrencies to users of the credit card. According to Gemini, there will be a 3% cashback for purchases that are related to food and dining, while a 2% cashback reward will be given for the purchase of groceries and a 1% cashback will be the reward for the purchase of items in other categories.
The rewards will not be delayed. Rather than been disbursed on a monthly or weekly basis, the rewards will be sent to the users instantly. Speaking about the upcoming crypto MasterCard, Linda Kirkpatrick said, “The financial services firm was happy to provide more choices for customers by enabling cryptocurrency payments and rewards”.
More and more consumers keep on looking for opportunities to delve into the crypto space. The upcoming release of Gemini’s MasterCard will serve as a perfect opportunity for some to adopt crypto. The possible use-cases of cryptocurrencies keep increasing more and more as each day passes by. It is expected that more crypto exchanges will adopt this model and make spending easier for their users.