Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has entered into a partnership with Mastercard to issue its own crypto card called the Gemini Credit Card. In an announcement, the exchange said WebBank, a Utah-based industrial bank, will be the issuing bank for the card.
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The exchange will initially launch early access. With the card, users could earn up to 3% back in bitcoin (EXANTE: Bitcoin) or other cryptocurrencies. Gemini says the card will be available in all 50 US States and will also be accepted "wherever Mastercard is accepted." The public launch of the card is scheduled for this summer.
As iHodl earlier reported, the second-largest payment network in the world plans to allow merchants to receive payments in cryptocurrency later this year. While it remains unknown which cryptocurrencies Mastercard will support, the new option will initially be allowed only for selected merchants.
In September last year, Mastercard presented a virtual testing platform for financial regulators to examine central bank digital currency's (CBDC) use cases. The platform allows simulating the issuance, distribution and exchange of CBDCs between commercial banks, financial service providers and retail markets.
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