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.