Gemini, a cryptocurrency exchange and custodian founded by the Winklevoss brothers, has announced the launch of a credit card with rewards in Bitcoin (BTC) and other cryptocurrencies. The move comes following Gemini’s acquisition of Blockrize, a fintech startup that already specializes in credit cards with cryptocurrency rewards. The latest product will be available to U.S. citizens in all states.
Gemini to Launch Credit Card with Bitcoin Rewards
The Gemini credit card will work like the usual credit cards, also will be acceptable where major cards are accepted. The rewards will be automatically deposited into the cardholder’s Gemini account.
Through the rewards program, users will be able to earn 3% cashback in Bitcoin (BTC) or other cryptocurrencies on every purchase made with the Gemini Credit Card.
The waitlist for accessing the credit card has been already opened for its current customers. Users who are already on the Blockrize waitlist will have early access to the credit card. BlockFi already announced its own card back in December 2020. Although, both companies are yet to launch their cards.
In an announcement release Tyler Winklevoss, CEO of Gemini, stated:
“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behaviour. Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We’re excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.”
Blockrize Is Gemini’s Second Acquisition
This is the second acquisition of Gemini, following its acquisition of Nifty Gateway in November 2019. The Nifty Gateway uses Gemini’s ecosystem for a dollar-exchange platform allowing users to buy non-fungible tokens (NFTs) with credit cards, enabling them to cash out directly to their bank accounts when they sell.
Gemini’s crypto credit cards come as an attractive interest for those who want to acquire cryptocurrencies without the hassles of a cryptocurrency exchange. It will serve as an alternative to credit cards that gives cash back for cryptocurrencies instead of point systems.