The Gemini exchange in New York is introducing a new credit card that will provide crypto-based rewards to its customers.
Gemini Is Establishing a New Crypto Rewards Card
Individuals who use the credit card for purchases will earn cash back in crypto. Known as the Gemini Credit Card, the item gives three percent cash back in bitcoin or other forms of crypto to customers using it for dining purposes. They can also get two percent when they use their cards for groceries, and one percent back for all other item or service buys.
The credit card is being issued by a firm known as WebBank, a division of the Mastercard company. All rewards are placed into Gemini accounts held by customers. These rewards can be hodled, traded, or used for future purchases depending on the wishes and preferences of the users.
Gemini said that unveiling the credit card has been quite a spectacle. There was a waiting list of roughly half a million people that allegedly wanted early access to the card. Given that the product will be used to make everyday purchases, there are more than 60 cryptocurrencies consumers can earn rewards in. They set up their preferences prior to receiving the card and they can be changed anytime by simply logging into their Gemini accounts and making the alterations.
Among the digital currencies consumers can collect in reward form are bitcoin, Ethereum, and Dogecoin. Sherri Haymond – executive vice president of digital partnerships at Mastercard – announced in a statement:
Mastercard and Gemini share the belief that providing relevant and innovative crypto rewards experiences will not only empower consumers, but also unlock access to the digital currency ecosystem. We’re honored to work hand in hand with Gemini to deliver these one-of-a-kind rewards offerings and make it even easier for consumers to experience crypto.
Pravjit Tiwana – chief technology officer at Gemini – also expressed enthusiasm for the joint venture, explaining:
Gemini is committed to helping drive more education and offer innovations that remove barriers of entry for consumers who want access to crypto like bitcoin. We developed the Gemini Credit Card to offer a simplified way to invest in crypto without asking consumers to change their daily behavior.
The Space Is Becoming More Popular
The crypto space is getting much bigger according to Tiwana, who stated that 2021 was a breakout year for the industry. As many as 44 percent of Americans purchased some form of crypto for the first time that year.
Gemini is arguably one of the largest and most popular digital currency exchanges in America at the time of writing. The company was founded in the Big Apple by the Winklevoss Twins of “The Social Network” fame. Prior to stepping into the crypto arena, the Twins were involved in a lawsuit against Facebook leader Mark Zuckerberg.