Mastercard and Gemini introduce a new crypto credit card

Gemini, the crypto exchange and custodian founded by the Winklevoss brothers, has teamed up with Mastercard to launch a new crypto credit card this summer.

Mastercard Inc. and the US cryptocurrency exchange Gemini will launch the first credit card this year to offer users digital currencies as a “reward” for their purchases, thereby deepening the commitment of major payment companies in the emerging asset class.

"As consumers spend their spend at various points of acceptance, they now have the opportunity to receive a reward in the form of cryptocurrencies," said Raj Dhamodharan, head of digital assets and blockchain products and partnerships at Mastercard.

Starting in the summer, card users could receive up to 3% in Bitcoin or other cryptocurrencies on their purchases. The digital currency is deposited into the cardholder's Gemini account. Utah-based digital lender WebBank will issue the card in the United States.

Payment giants from Mastercard and Visa Inc. to PayPal Holdings Inc. have increased their exposure to cryptocurrencies in recent months as larger investors and companies take an interest in Bitcoin.

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

This isn't the first credit card to make crypto rewards available to crypto cardholders. Back in December, cryptocurrency lender BlockFi announced the launch of its Rewards credit card in the first quarter of this year, calling it the first of its kind in an industry already saturated with Bitcoin Reward debit cards.

BlockFi promised users that there would be 1.5% cash back for every transaction made with the card and then automatically converted into Bitcoin and transferred to the user's BlockFi account.

The Gemini credit card offers real-time crypto rewards available in all 50 states and is accepted wherever Mastercard is accepted. The Gemini credit card is expected to launch this summer, and those on the waiting list will be given first access to apply.

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