Gemini to launch credit card with cryptocurrency rewards

The crypto exchange and custodian is bringing out its own credit card which will offer users up to 3% back in Bitcoin or other cryptos on every purchase

Cryptocurrency exchange and custodian Gemini today announced the launch of a credit card which will offer rewards in cryptocurrencies. The Gemini Credit Card will enable its users to earn up to three percent back in Bitcoin or other cryptocurrencies on every purchase they make with it.

Gemini acquired fintech start-up Blockrize in the third quarter of 2020, and the two teams have been working together to develop and accelerate the launch of the new crypto credit card, which will combine the reliability of the Gemini platform with Blockrize’s rewards program.

Tyler Winklevoss, CEO of Gemini, commented, “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.”

Today’s news marks Gemini’s second acquisition, following the acquisition in November 2019 of Nifty Gateway, a platform that facilitates the purchase of non-fungible tokens (NFTs) for some of the most popular crypto games and applications, such as Gods Unchained, OpenSea and CryptoKitties.

The Gemini Credit Card will be available to residents of all US states and will work like a traditional credit card. Customers can use it wherever major cards are accepted and their rewards will be deposited automatically into their Gemini account. Once rewards have accumulated, they can be transferred to anyone and used for trading or other uses.

Gemini has opened the Gemini Credit Card waiting list in preparation for the launch later this year, and those who join it will get early access to the card, along with more than 10,000 people already on the Blockrize waiting list. Those who receive a card will have to open a Gemini account for their rewards to be deposited into. Details such as the card issuer, payments processor, fees and bonuses will be released closer to the launch.