Gemini, a prominent cryptocurrency firm created by the Winklevoss twins, have announced the debut of its cryptocurrency credit card, which is available for users. According to the company’s official announcement, the Gemini Credit Card is now accessible to residents of 50 states in the U.S.
The card is produced by WebBank, a state-chartered commercial bank, and will only be accepted through the Mastercard card network as a payment method. Users can receive their cashback return in any of the 60 different cryptos offered by Gemini, including Bitcoin and Ethereum.
Cardholders To Receive Rewards For Card Usage
Earlier this year, Gemini unveiled the initiative to reward customers for using cryptocurrency for daily transactions. The card’s launch comes after the company first announced the concept in 2021. Since introducing the waitlist for the Gemini Credit Card in 2021, the company has received over 500,000 registrations for the item.
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The Gemini Credit Card accepts over 60 different digital currencies as rewards, including Ether (ETH), Bitcoin (BTC), Dogecoin (DOGE), and many more cryptocurrencies. Cardholders may earn up to 3 percent cryptocurrency back on meals, 2 percent cryptocurrency back on groceries, and 1 percent cryptocurrency back on other transactions using their cards.
Suppose a user who has the card makes a transaction. In that case, Gemini immediately transforms the reward’s value in U.S. dollars into the virtual currency picked by the cardholder and puts it directly into the user’s Gemini account. Cardholders can alter their chosen cryptocurrency reward as frequently as they choose, allowing them to earn more than one cryptocurrency in total. Hence, citizens are advised to register with the platform to get the card and enjoy its benefits.
Gemini Dedicated To Crypto Adoption
Sherri Haymond, executive V.P. of digital initiatives at Mastercard, said that the payment firm agrees with Gemini’s stance that delivering meaningful cryptocurrency reward programs would “not only inspire users, but also unleash admittance to the digital currency ecosystem.”
In a statement, Gemini CTO Pravjit Tiwana stated that the latest credit card demonstrates the company’s dedication to removing entry barriers for customers interested in cryptocurrencies such as Bitcoin. Tiwana said that the cryptocurrency market saw a “comeback moment” last year, with 44 percent of cryptocurrency investors in the United States saying they placed their first cryptocurrency transaction in the previous year.
In recent months, the notion of cryptocurrency cashback cards has gained traction, with firms such as Venmo and BlockFi releasing cryptocurrency discount cards in 2021. Cardholders earned over 124 Bitcoin in rewards within three months after the cashback program’s inception. According to BlockFi, a cryptocurrency lending company, Bitcoin incentives contributed to some degree to the buying frenzy that occurred in 2021, and this is bound to continue this year.
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