Cryptocurrency exchange owned by the Winklevoss twins, Gemini announced Thursday that it will launch the Gemini credit card, which offers rewards in digital currencies.
The New York-based exchange acquired Blockrize, a startup already working on cryptocurrency reward systems, to accelerate its credit card launch efforts.
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 cryptocurrencies without changing their current behavior."
3% reward on transactions
The credit card will offer rewards of up to 3% in Bitcoin and other cryptocurrencies on every purchase. The rewards will be deposited into the Gemini accounts of the users.
The card will be available in the United States. Gemini has already opened a waiting list to register and imported the Blockrize waiting list, which will have early access. However, its release date has yet to be revealed.
Gemini said that the credit card will work similar to any other bank card. It's unclear whether it will use Visa or Mastercard for payment processing, but it assured that it will be widely accepted wherever major cards are accepted. Nor did it disclose any banking association for the issuance of the credit line.
The concept of a crypto rewards card is not new, as many other card issuers offer such services, but they are mostly prepaid cards. BlockFi is another crypto company with plans to launch a similar credit card with 1.5% in rewards.
Also, Gemini's launch timing is perfect given the recent massive demand for cryptocurrencies.
Rather than deciding how and when to buy cryptocurrencies, customers can do so by making their daily purchases. We are excited to welcome the Blockrize team to Gemini and work together to continue making cryptocurrencies mainstream, ”added Tyler Winklevoss.