Benzinga | Apr 27, 2021 12:23PM EDT

Major US Crypto Exchange Gemini Launches MasterCard Credit Card With Rewards

Major US cryptocurrency exchange Gemini has announced the launch of its MasterCard crypto rewards credit card.

What Happened: The exchange has announced that it will launch the Gemini Credit Card, leveraging MasterCard's payment network to offer up to 3% back in Bitcoin (CRYPTO: BTC) or other cryptocurrencies on the dollars spent by its users.

Digital lender and bank WeBank will manage the card's credit line.

Gemini already launched a waitlist for those who wish to obtain its newly announced credit card, which will be available in metal and have no annual fee.

The card will be available to all United States residents in all 50 states.

Once approved, the Gemini Credit Card will be instantly available for purchases online, in-app and, in stores through the Gemini mobile app.

See also: Gemini Review

The cards are also eligible for the MasterCard World benefits at merchants, including DoorDash Inc (NYSE: DASH), HelloFresh, LYFT Inc (NASDAQ: LYFT), and ShopRunner, and additional security features.

The cashback is capped at 3% for dining expenses, 2% on groceries, and 1% on other purchases. The rewards can be automatically set aside on Gemini Earn, the firm's interest-earning service.

Image: Courtesy of Gemini