According to the latest reports, Gemini has made an announcement in regards to the Gemini Credit Cards. The cryptocurrency exchange based in New York has confirmed that the new Gemini Credit Cards will be released in the coming summer.
As per sources, Gemini made the announcement around the release of the Gemini Credit Cards on Tuesday, April 27, 2021. Once the cards get released and are received by their owners, they will have a huge promotion to avail from the cards.
The best feature about the Gemini Credit Cards is that the users will be able to spend cryptocurrencies through them. The Gemini Credit Card will be linked with their Gemini exchange account that will have cryptocurrencies stored in them.
If the users have cryptocurrencies in their Gemini exchange account, they will be able to use them to make payments. The best thing about the cards is that the users will be eligible for Cashbacks in the form of Bitcoin (BTC). If not Bitcoin (BTC), then the cashback will be in the form of any cryptocurrency supported by Gemini.
Gemini exchange has reportedly partnered with MasterCard in order to manufacture the Gemini Credit Cards. The company that will issue these cards is WebBank, which is an online banking platform.
The Gemini exchange officials have confirmed that they have already received more than 140,000 sign-up requests for the Gemini Credit Cards.
Once the Gemini Credit Card is launched, Gemini will not be the only exchange to offer cryptocurrency credit cards. Prior to the Gemini exchange, some of the largest cryptocurrency exchanges such as Coinbase and Binance have already done the same.
All these exchanges have launched their credit cards with the aim to facilitate their customers as much as they can. These exchanges had received a tremendous amount of requests from the users to be able to pay in the real world with cryptocurrencies.
Therefore, the exchanges have launched these credits so the users can make payments in the real world. With this, the users will be able to avail themselves of services similar to what others do use their credit cards.
Gemini exchange has confirmed that the users will be eligible for different cashback rates at different venues. The firm has confirmed that on groceries, the cashback rate would be 2%. For dining purchases, the cashback rate would be 3% and for all other purposes, the cashback rate would be 1%.
The firm has announced that the cashback will not take a while to be processed and given to the customers. This cashback will be given to the users the moment they make the transaction at the platforms.
On the other hand, MasterCard is also very excited about this new partnership. The financial service giant stated that they are glad to be able to offer a new product to their users.