WebBank — a U.S. bank regulated by the FDIC — will issue the new credit card to interested customers later this summer, according to a press release.
"As more consumers look to enter the crypto ecosystem, the Gemini Credit Card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits," Gemini CEO Tyler Winklevoss said in a Tuesday statement.
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He continued: "Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space. We're excited to partner with them on our first real-time crypto rewards card, further helping to bring crypto mainstream."
Mastercard initially announced in February that it would start supporting cryptocurrencies directly on its network later in the year as companies like BNY Melon, Tesla, Apple, Twitter, Square and Venmo show interest in cryptocurrency payments and trading.
The Gemini card will allow customers to buy bitcoin or 30 other cryptocurrencies as a reward for other "everyday" purchases, according to the release. Cardholders will get 3% back on dining, 2% back on groceries and 1% back on other purchases that will automatically be transferred to customers' accounts. They can also transfer their crypto rewards to Gemini's interest-earning program, Gemini Earn, to grow their investments.
The card comes with 24/7 live customer support and no annual card fee.
"Consumer choice is at the center of Mastercard’s strategy – giving people flexibility in how they pay and anticipating their evolving preferences," Linda Kirkpatrick, president of North America at Mastercard, said in a statement. "Our work with Gemini builds upon this position, connecting consumer needs with next-generation assets and delivering a ground-breaking experience that redefines the future of card rewards and benefits."
Customers in all 50 states are eligible to receive crypto rewards through the Gemini card.