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Gemini, a major cryptocurrency exchange founded by the Winklevoss twins, has launched their cryptocurrency credit card.
On Thursday, the company officially announced that gemini credit card is available in all 50 U.S. states.
This new type of card is issued by privileged industrial bank WebBank and includes Mastercard as the exclusive card network.
The credit card was issued more than a year after Gemini announced the project in 2021, which aims to reward users who use cryptocurrencies in everyday transactions. The company said that since the publication of the Gemini Credit Card waiting list in 2021, more than 500,000 users have signed up to use the card.
Gemini Credit Card supports more than 60 cryptocurrencies for rewards, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and other currencies. Cardholders can get back up to 3% of cryptocurrencies when paying for meals, 2% when buying essentials and 1% for other transactions.
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When a card user makes a payment, Gemini automatically redeems the reward value in U.S. dollars to the selected digital asset and deposits that amount into the cardholder's Gemini account. Card users can change their cryptocurrency reward choices according to their needs, which makes it possible for users to get back more than one cryptocurrency in return.
Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard, noted that the payments company shares Gemini's view that offering cryptocurrency rewards will "not only encourage users but also bring access to the cryptocurrency ecosystem."
Pravjit Tiwana, Gemini's Chief Technology Officer, said that the credit card reaffirms the company's commitment to removing barriers for customers who want access to cryptocurrencies like Bitcoin. Tiwana also mentioned a breakthrough in the cryptocurrency industry in 2021, with 44% of cryptocurrency owners in the U.S. making their first purchases this year.
In recent times, the form of cryptocurrency refund cards has become popular, companies such as BlockFi and Venmo have launched cryptocurrency reward cards in 2021. According to cryptocurrency lending startup BlockFi, cryptocurrency cashback rewards also played a role in last year's shopping craze for card users, with cardholders amassing a reward of 124 BTC in just 3 months since the cashback program was launched.
