Gemini, a leading cryptocurrency exchange established by the Winklevoss twins, has rolled out its own crypto credit card.
The company made the official announcement on Thursday that the Gemini Credit Card can now be obtained in all 50 states of the United States.
This new card is provided by the state-chartered industrial bank WebBank and works with Mastercard as the exclusive card network.
The introduction of the card took place over a year after Gemini first revealed the project in 2021, with the goal to incentivize users to use cryptocurrency for their daily transactions. Following the launch of the Gemini Credit Card waitlist last year, over 500,000 users have signed up for the product, as stated by the company.
The Gemini Credit Card allows users to earn rewards in over 60 cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and more. Cardholders can receive up to 3% crypto back on dining, 2% on groceries, and 1% on all other purchases.
Whenever a cardholder makes a purchase, Gemini automatically converts the reward’s U.S. dollar value into the chosen digital asset and deposits it into the cardholder’s Gemini account. Users have the freedom to change their selected crypto reward as frequently as they want, enabling them to earn various cryptocurrencies.
Sherri Haymond, Mastercard’s executive VP of digital partnerships, highlighted that the payment company shares Gemini’s view that providing relevant crypto rewards experiences will not only empower consumers but also open up access to the digital currencies ecosystem.
Gemini’s chief technology officer, Pravjit Tiwana, stated that the new credit card underscores the company’s dedication to lowering entry barriers for consumers who are interested in getting involved in cryptocurrencies like Bitcoin. Tiwana pointed out that the crypto industry had a breakout year in 2021, with 44% of U.S. crypto owners reported making their initial crypto purchases last year.
Recent trends in the market reveal a growing interest in crypto cashback cards, with companies like BlockFi and Venmo introducing crypto reward cards in the past year. According to BlockFi, Bitcoin rewards played a significant role in driving consumer engagement, with cardholders collectively earning over 124 BTC within just the first three months of the cashback program’s launch.
Image Source: Yore Oysters
