The Winklevoss twins founded Gemini, a large cryptocurrency exchange that now offers a crypto credit card.
The Gemini Credit Card is now accessible in all 50 states in the United States, the business announced on Thursday.
WebBank, a state-chartered industrial bank, is the exclusive card network for the new card.
The card’s launch comes more than a year after Gemini first announced the idea in 2021, with the goal of incentivizing customers to use cryptocurrency in everyday transactions. According to the company, over 500,000 people have signed up for the Gemini Credit Card waitlist since it was launched last year.
Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), and other cryptocurrencies are accepted as rewards on the Gemini Credit Card. Cardholders can get up to 3% cryptocurrency back on dining, 2% on groceries, and 1% on everything else.
When a cardholder makes a transaction, the crypto exchange immediately transforms the reward’s US dollar value into the digital asset of the cardholder’s choice and puts it into the cardholder’s Gemini account. Cardholders can change their crypto reward as often as they choose, allowing them to earn multiple coins.
Sherri Haymond, executive vice president of digital partnerships at Mastercard, believes that providing meaningful crypto rewards experiences will “not only empower consumers, but also unleash access to the digital currencies ecosystem.”
Gemini credit card underscores the company’s commitment to lowering barriers
The new credit card, according to Gemini’s chief technology officer Pravjit Tiwana, underscores the company’s commitment to lowering barriers to entry for anyone interested in cryptocurrencies like Bitcoin. According to Tiwana, the crypto sector reached a tipping point in 2021, with 44% of crypto owners in the United States reporting making their first crypto purchases in the previous year.
As previously noted, the concept of crypto cashback cards has lately gained traction, with companies such as BlockFi and Venmo introducing crypto reward cards last year. According to BlockFi, 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 programme launched.