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Gemini and Mastercard Will Launch New Crypto Rewards Credit Card

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Mastercard announced another partnership with a blockchain company. This time, Gemini will launch a crypto product with the help of payment giant. A new crypto rewards credit card will be launched by the two companies this summer. It will be the first credit card to provide real-time rewards in cryptocurrencies. The new card’s holders will receive up to %3 rewards in crypto for each purchase.

 

Traditional Institutions Embracing Crypto

Cryptocurrencies were once considered as threats to traditional payment solutions like Mastercard. But as time went on, the two worlds got closer to each other.

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Payment companies now know that cryptocurrencies are more opportunities than threats. It’s the reason we see numerous headlines about partnerships between Mastercard and crypto companies. The latest collaboration with Gemini is another good sign showing more deep partnerships.

The new crypto rewards card from Mastercard and Gemini can be a great tool for attracting mainstream users to the crypto world. The card will pay rewards in crypto to users. For each purchase, they can receive up to %3 rewards. WebBank is the other partner that will help Gemini and Mastercard in issuing and managing the cards.

Gemini launched its credit card in partnership with Mastercard in early 2021. More than 140,000 people are currently on the waitlist to receive the card. The new announcement will surely attract more to try the new crypto reward card. According to the announcement, the new card has many features, including crypto rewards on purchases, no annual fee, security-first design, and world Mastercard benefits.

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Gemini provides instant crypto rewards to cardholders in Bitcoin or any other 30 cryptocurrencies supported in the company’s exchange. Tyler Winklevoss, CEO of Gemini, said:

“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. 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.”

As mentioned above, Gemini Credit Card provides up to %3 rewards to cardholders. The reward will be %3 for dining and %1 for other purchases. Users can transfer the rewards into Gemini’s latest interest-earning program called Gemini Earn. Mastercard says the Gemini Card rewards will be available in 50 U.S. States, and every merchant accepting Mastercard will accept Gemini Card, too.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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