Gemini Launches Crypto Rewards Card in All U.S. States
- Gemini Credit Card, which was supposed to launch last summer, was released in partnership with Mastercard and WebBank.
- More than 500,000 users had signed up on Gemini’s waitlist, hoping to be the first to try the card that offers up to 3% crypto cashback for dining, 2% for groceries, and 1% for other purchases.
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Crypto exchange and custodian Gemini has launched a cryptocurrency rewards credit card in partnership with Mastercard and WebBank, the company said in a press release on 14 April.
According to the announcement, the newly launched “Gemini Credit Card” is available in all 50 U.S. states, and supports more than 60 cryptocurrencies for its rewards feature. The card aims to reward users for their everyday transactions, allowing cardholders to earn up to 3% crypto back for dining, 2% for groceries, and 1% for all other purchases. The executive vice president for digital partnerships at Mastercard, Sherri Haymond, said in a statement:
“Mastercard and Gemini share in the belief that providing relevant and innovative crypto rewards experiences will not only empower consumers, but also unlock access to the digital currencies ecosystem. We’re honored to work hand in hand with Gemini to deliver this one-of-a-kind rewards offering and make it even easier for consumers to experience crypto.”
The crypto exchange explained that when a cardholder makes a purchase, Gemini will automatically convert the USD denominated value of their reward into the digital asset that was selected, and deposit it into the user’s Gemini account. Users are also free to change the selected crypto as often as they wish, and earn rewards in over 60 different cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and more.
The goal of the card, according to Gemini CTO Pravjit Tiwana, is to lower the barriers of entry into crypto, “without asking consumers to change their daily behavior”. The card also gives users access to a “single trusted platform” to buy, sell, store, and earn interest on crypto.
Gemini first revealed its intention to launch its credit card back in 2021, though at the time the goal was to support around 30 cryptocurrencies. The company also launched a waitlist for the card last year, which saw more than 500,000 users sign up to be the first to have access to the product.
- 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.