Crypto Exchange Gemini Launches US Credit CardMolly Jennings
Gemini, a major cryptocurrency exchange founded by the Winklevoss twins, has launched its cryptocurrency credit card. Users can receive cashback in over 60 different cryptocurrencies supported by Gemini.
On Thursday, the company officially announced that its Gemini credit card is available in the US in all 50 states.
The new card is issued by state-registered industrial bank WebBank, with Mastercard being its exclusive card network.
The card’s release comes more than a year after Gemini first announced the project in 2021, which aims to reward users for using cryptocurrency for everyday transactions. According to the company, since the launch of the Gemini Credit Card waitlist last year, more than 500,000 users have signed up for the product.
The Gemini Credit Card supports over 60 cryptocurrencies for rewards, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and more. Cardholders can get back up to 3% in crypto for food, 2% for groceries, and 1% for all other purchases.
When a cardholder makes a purchase, Gemini automatically converts the reward amount, denominated in US dollars, into the selected digital asset and transfers it to the cardholder’s Gemini account. Cardholders can change their chosen cryptocurrency reward as often as they wish, allowing customers to earn more than just one cryptocurrency.
Sherri Haymond, Mastercard’s executive vice president of digital partnerships, said the payments company shares Gemini’s belief that providing appropriate rewards for cryptocurrencies “will empower consumers and open access to the digital currency ecosystem.”
Gemini CTO Pravjit Tivana said the new credit card confirms the company’s commitment to removing barriers to entry for consumers who want access to cryptocurrencies like bitcoin. Tiwana mentioned that the crypto industry had a breakout moment in 2021, with 44% of US cryptocurrency holders reporting having made their first cryptocurrency purchases in the past year.
As previously reported, the concept of crypto cashback cards has been gaining momentum lately, with companies like BlockFi and Venmo launching crypto reward cards last year. According to crypto-lending startup BlockFi, Bitcoin rewards were somewhat responsible for the shopping frenzy among cardholders last year, when they earned over 124 BTC in rewards in just the first three months since the cashback program was launched.