Tiwana mentioned that the crypto industry had a breakout moment in 2021, with 44% of crypto owners in the U.S. Gemini chief technology officer Pravjit Tiwana said that the new credit card reaffirms the company’s commitment to removing barriers of entry for consumers who want to get into cryptocurrencies like Bitcoin. Mastercard’s executive vice president of digital partnerships Sherri Haymond noted that the payment company shares Gemini’s belief that providing relevant crypto rewards experiences will “not only empower consumers but also unlock access to the digital currencies ecosystem.”
Cardholders can change their selected crypto reward as often as they wish, which enables customers to earn not just one cryptocurrency.
When a cardholder makes a purchase, Gemini automatically converts the United States dollar-denominated value of the reward into the selected digital asset and deposits it into the cardholder’s Gemini account. Cardholders are able to earn up to 3% crypto back on dining, 2% on groceries and 1% on all other purchases. The Gemini Credit Card supports more than 60 cryptocurrencies for rewards, including Bitcoin ( BTC), Ether ( ETH), Dogecoin ( DOGE) and others. Since launching the Gemini Credit Card waitlist last year, more than 500,000 users have signed up for the product, the firm said. The card’s rollout comes more than a year after Gemini initially announced the project in 2021, aiming to reward users for using crypto for everyday transactions. The new card is issued by the state-chartered industrial bank WebBank and features Mastercard as the exclusive card network. The company officially announced Thursday that its Gemini Credit Card is available in the United States across all 50 states.
Back in August 2020, crypto lender BlockFi raised $50 million in a Series C funding round, which was meant to fund the release of a bitcoin rewards credit card.Gemini, a major cryptocurrency exchange founded by the Winklevoss twins, has launched its crypto credit card.
The Gemini exchange is no the first to announce a crypto reward-based credit card. We’re excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.” Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. “The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior. Gemini co-founder and CEO, Tyler Winklevoss, said in a statement: Cardholders will be able to earn up to 3% back in BTC - or other cryptocurrencies - on each of their purchases made with the Gemini Credit Card. The firm further clarified that the card will function like an ordinary credit card, that will automatically deposit a user’s crypto rewards to their Gemini account. citizens in all states once it is launched later this year. The Gemini Credit Card will be made available to U.S. By opening the waitlist, Gemini is offering its customers the chance to sign up for an early access to the card, along with the 10,000 people who have already signed up with Blockrize. Crypto exchange and custodian Gemini has opened the waitlist for its new cryptocurrency reward credit card that lets you earn up to 3%back in Bitcoin, the firm said in a press release on 14 January.Īccording to the announcement, the Winklevoss-led exchange and custodian was able to accelerate the launch of its card through the acquisition of fintech startup Blockrize, which was already working on a credit card with crypto rewards.