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Since the launch, the Gemini credit card has recorded over 500,000 signups on its waitlist.
Cryptocurrency platform Gemini has officially launched its crypto rewards credit card after a long wait. According to the announcement, the Gemini credit card is currently available to all 50 US states and has seen an incredible level of acceptance among users. Since the launch, the Gemini credit card has recorded over 500,000 signups on its waitlist. Thanks to the partnership with Mastercard, the Gemini card can be used anywhere Mastercard is accepted.
Sherri Haymond, executive vice president of Digital Partnerships at Mastercard commented that both MasterCard and Gemini have a similar focus geared toward allowing access to the digital currencies ecosystem through relevant and innovative crypto rewards.
“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,” he said.
Gemini currently supports more than 60 cryptocurrencies available for users to select for their rewards. This includes Bitcoin, Dogecoin, Ethereum, etc. It has been designed in such a way that the USD value of the reward would be automatically converted to the selected crypto whenever the cardholder makes a purchase. This will then be deposited into their Gemini account balance.
Also, cardholders are at liberty to change their selected crypto rewards as often as they want. Cardholders have the opportunity to earn up to 3% crypto back on dining, and 2% crypto back on groceries. In addition, those who make all other types of purchases can earn up to 1% crypto back.
Gemini credit card has no annual fee and also, customers can have direct access to the digital version of the credit card on the web and the Gemini app.
Pravjit Tiwana, CTO of Gemini hinted that their targeted market was informed by its market activities last year.
“Last year, the crypto industry had its breakout moment with 44% of crypto owners in the US reported first buying crypto in the last year. Gemini is committed to helping drive more education and offer innovations that remove barriers of entry for consumers who want access to crypto such as bitcoin,” he said.
Pravjit further explained that this innovation is meant to increase crypto adoption by simplifying ways for users to invest without compromising their daily behavior.
“With the Gemini Credit Card, users also have access to a single trusted platform to buy, sell, store, and earn real interest in crypto, and we couldn’t be more excited to make it widely available across the United States,” he added.
Just like BlockFi and Venmo, the project was initially announced in 2021 as an effort to encourage crypto in day-to-day transactions. BlockFi has already rolled it out as the shopping frenzy for cardholders last year was said to be the Bitcoin reward it introduced.