Gemini Launches Crypto Credit Card In The United States

Gemini, a popular cryptocurrency exchange founded by the Winklevoss twins has launched its crypto credit card in the United States of America.
Gemini Launches Credit Card In The United States
Gemini Launches Credit Card In The United States

The business announced on Thursday that its Gemini Credit Card is now accessible in all 50 states in the United States.

The new card is issued by WebBank, a state-chartered industrial bank, and the exclusive card network is Mastercard.

The card’s launch comes more than a year after the company first announced the idea in 2021, with the goal of incentivizing consumers to use cryptocurrency for regular transactions. More than 500,000 people have signed up for the Gemini Credit Card waitlist since it was launched last year, according to the company.

Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and other cryptocurrencies are supported by the Gemini Credit Card as rewards. Cardholders can get up to 3% cryptocurrency back on dining, 2% back on grocery, and 1% back on everything else.

When a cardholder makes a transaction, Gemini immediately transforms the reward’s US dollar value into the digital asset of the cardholder’s choice and puts it in the cardholder’s Gemini account. Customers can change their crypto reward as often as they want, allowing them to earn more than one cryptocurrency.

Sherri Haymond, executive vice president of digital partnerships at Mastercard, agreed with Gemini that providing meaningful crypto rewards experiences will “not only empower consumers but also unlock access to the digital currencies ecosystem.”

The new credit card, according to Gemini’s chief technology officer Pravjit Tiwana, underscores the company’s commitment to lowering barriers to entry for consumers interested in cryptocurrencies like Bitcoin. According to Tiwana, the crypto sector reached a tipping point in 2021, with 44 percent of crypto owners in the United States reporting making their first crypto purchases the previous year.

As previously reported, the concept of crypto cashback cards has recently gained traction, with firms such as BlockFi and Venmo launching crypto reward cards last year. According to BlockFi, a crypto lending startup, Bitcoin rewards were responsible for some of the purchasing frenzy for cards last year, with cardholders together receiving more than 124 BTC in rewards just three months after the cashback program launched.