Gemini Announces 3% Cashback Crypto Credit Card
- The introduction of the Gemini Credit Card was accelerated with the acquisition of fintech startup Blockrize.
- The new card will allow its users to earn up to 3% back in Bitcoin on their purchases.
The Winklevoss twins speaking in an interview. CNBC
Crypto exchange and custodian Gemini has opened the waitlist for its new cryptocurrency reward credit card that lets you earn up to 3%back in Bitcoin, the firm said in a press release on 14 January.
According to the announcement, the Winklevoss-led exchange and custodian was able to accelerate the launch of its card through the acquisition of fintech startup Blockrize, which was already working on a credit card with crypto rewards. By opening the waitlist, Gemini is offering its customers the chance to sign up for an early access to the card, along with the 10,000 people who have already signed up with Blockrize. The Gemini Credit Card will be made available to U.S. citizens in all states once it is launched later this year.
The firm further clarified that the card will function like an ordinary credit card, that will automatically deposit a user’s crypto rewards to their Gemini account. Cardholders will be able to earn up to 3% back in BTC — or other cryptocurrencies — on each of their purchases made with the Gemini Credit Card. Gemini co-founder and CEO, Tyler Winklevoss, said in a statement:
“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior. Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We’re excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.”
The Gemini exchange is no the first to announce a crypto reward-based credit card. Back in August 2020, crypto lender BlockFi raised $50 million in a Series C funding round, which was meant to fund the release of a bitcoin rewards credit card.
- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
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- Cameron Winklevoss, co-founder of crypto exchange Gemini, proposed a plan that would see Digital Currency Group pay close to $1.5 billion over the next five years.
- The Winklevoss twin said that if the “final offer” is not accepted by the end of the week, Gemini would file a lawsuit against DCG and CEO Barry Silbert.
- Called Coinbase International Exchange (CIE), the new platform will allow institutional users outside of the U.S. to bet on the price of crypto via perpetual futures.
- The platform will not be available to retail customers “at this time”, and will initially provide trading of only BTC and ETH perpetual futures, settled in the USDC stablecoin.