Gemini supports over 60 cryptocurrencies that can be used to get cashback. Gemini, a major cryptocurrency exchange, was founded by the Winklevoss Twins.
Officially, the company announced Thursday that its Gemini Credit Card was now available in all 50 US states.
The state-chartered, industrial bank WebBank issues the new card. It features Mastercard as the exclusive network.
The card’s launch comes nearly a year after Gemini announced the project 2021. It aims to reward users who use crypto daily transactions. The firm stated that more than 500,000 people have registered for the Gemini Credit Card waitlist since its launch last year.
The Gemini Credit Card accepts more than 60 cryptocurrency for rewards. These include Bitcoin ( BTC), Ether( EETH), Dogecoin( DOGE), and many others. Cardholders can earn as much as 3% back on dining out, 2% on groceries, and 1% on all purchases.
Gemini converts any reward in United States dollars into the desired digital asset when a cardholder makes purchases. Customers can choose to change the crypto reward they receive as often as they like.
Sherri Haymond, executive vice president for digital partnerships at Mastercard, stated that the payment company agrees with Gemini’s belief in providing relevant crypto rewards experiences that will “not only empower customers but also unlock access the digital currencies ecosystem.”
Pravjit Tiwana, Gemini’s chief technology officer, stated that the new credit card is a reaffirmation of the company’s commitment towards removing barriers to entry for those who wish to use cryptocurrencies such as Bitcoin. Tiwana noted that the crypto market had an historic moment in 2021 with 44% reporting that they made their first cryptocurrency purchases in 2018.
Cointelegraph reported that the idea of crypto cashback cards is growing rapidly, with Venmo and BlockFi launching crypto reward cards in recent months. BlockFi, a crypto loan startup, claims that Bitcoin rewards are responsible for some of the cardholders’ shopping sprees in 2017. Cardholders earned more than 124 BTC in rewards in just three months after the program was launched.
