Gemini, a major cryptocurrency exchange founded by the Winklevoss twins, has launched its cryptocurrency credit card.
The company officially announced Thursday that its Gemini credit card is available in the United States, in all 50 states.
The new card is issued by state-based industrial bank WebBank and has Mastercard as its exclusive card network.
The card’s launch comes more than a year after Gemini initially announced the project in 2021, with the aim of rewarding users for using crypto for everyday transactions. Since the launch of the Gemini credit card waiting list last year, more than 500,000 users have signed up for the product, the firm said.
The Gemini credit card supports more than 60 cryptocurrencies for rewards, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and others. Cardholders can earn up to 3% crypto back on meals, 2% on groceries, and 1% on all other purchases.
When the cardholder makes a purchase, Gemini automatically converts the US dollar value of the reward into the selected digital asset and deposits it into the owner’s Gemini account. Cardholders can exchange their selected crypto reward as many times as they wish, allowing customers to earn more than just one cryptocurrency.
Mastercard’s executive vice president of digital partnerships Sherri Haymond noted that the payments company shares Gemini’s belief that offering relevant crypto rewards experiences “will not only empower consumers, but also unlock access to the cryptocurrency ecosystem.” digital”.
Gemini CTO Pravjit Tiwana said the new credit card reaffirms the company’s commitment to removing barriers to entry for consumers who want to get into cryptocurrencies like Bitcoin.. Tiwana mentioned that the crypto industry had a breakout moment in 2021, with 44% of US crypto owners reporting making their first crypto purchases in the past year.
As Cointelegraph previously reported, the concept of cryptocurrency cash-back cards has recently been taking off, with companies like BlockFi and Venmo launching cryptocurrency rewards cards last year. According to cryptocurrency lending startup BlockFi, Bitcoin rewards were to some extent responsible for cardholders’ shopping frenzy last year, with cardholders earning more than 124 BTC in rewards collectively in just the first three months from the launch of the cashback program.
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