Winklevoss twins-owned crypto exchange, Gemini announced on Thursday that it is going to launch Gemini Credit Card, offering rewards in digital currencies.
The New York-based exchange acquired Blockrize, a startup already working on cryptocurrency reward systems, for accelerating its efforts of launching the crypto credit card.
Commenting on the move, Gemini CEO, Tyler Winklevoss, said: “The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior.”
3 Percent Reward on Transactions
The credit card will offer rewards of up to 3 percent in Bitcoin and other cryptocurrencies on every purchase. The rewards will be deposited on the users’ Gemini accounts.
The card will be available in the United States. Gemini has already opened a waitlist for registration and imported the waitlist of Blockrize, who will get early access. However, its launch date has not been revealed yet.
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Gemini said that the credit card will work similarly to any other bank card. It is not clear if it will use Visa or Mastercard for payment processing, but assured that it will be widely accepted wherever major cards are accepted. Neither did it reveal any bank partnerships for issuing the credit line.
The concept of crypto rewards card is not new as many other crypto card issuers are offering such services, but they are mostly pre-paid cards. BlockFi is another crypto company with plans of launching a similar credit card with 1.5 percent in rewards.
Additionally, Gemini’s timing for the launch is perfect given the massive recent demand for cryptocurrencies.
“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,” Winklevoss added.