Reports said that Gemini, a major cryptocurrency exchange founded by the Winklevoss twins, has launched its crypto credit card in the United States.
It has been reported that its Gemini Credit Card is available in the United States across all 50 states. The new card is issued by the state-chartered industrial bank WebBank and features Mastercard as the exclusive card network.
However, 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. Since launching the Gemini Credit Card waitlist last year, more than 500,000 users have signed up for the product.
The report said that the Gemini Credit Card supports more than 60 cryptocurrencies for rewards, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and others. Cardholders are able to earn up to 3% crypto back on dining, 2% on groceries and 1% on all other purchases.
Likewise, 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 can change their selected crypto reward as often as they wish, which enables customers to earn not just one cryptocurrency.
Sherri Haymond, the Executive Vice President of Digital Partnerships at Mastercard, said 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.”
Pravjit Tiwana, the Chief Technology Officer of Gemini, 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.
Tiwana mentioned that the crypto industry had a breakout moment in 2021, with 44% of crypto owners in the US reporting having made their first crypto purchases last year. As previously reported, the concept of crypto cashback cards has been taking off recently, with companies like BlockFi and Venmo launching crypto reward cards last year.
Thus, according to the crypto loan startup BlockFi, Bitcoin rewards were responsible for some extent of the shopping frenzy for cardholders last year, with cardholders earning more than 124 BTC in rewards collectively just in the first three months since the cashback program’s launch.