The users of the Gemini exchange can now sign up for crypto rewards credit cards that enable them to earn 3% back in bitcoin (BTC). The Gemini Credit Card will enable users to earn rewards that are paid in bitcoin and other cryptos.
Winklevoss-led crypto exchange and custodian said on January 14, 2021, that the waitlist for the Gemini Credit Card is now open. Based on that announcement shared with reporters, the new card will get launched later in 2021.
Gemini disclosed that it had purchased Blockrize, a cryptocurrency payments startup led by product developers formerly of Google, American Express, BitMEX, and JPMorgan Chase. Blockrize has a waitlist of 10,000 people, and they will also get early access to the Gemini Credit Card.
Blockrize is Gemini’s second acquisition after Nifty Gateway, a non-fungible tokens platform that it acquired in November 2019. Tyler Winklevoss said that the new card would make it easier for clients to invest in Bitcoin without having to change their existing behavior.
“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.”
Gemini’s card will operate as a normal credit card and will become available in the US for all residents in every state. Crypto rewards will be automatically deposited into the user’s Gemini account.
As the digital assets continue to increase consumer interest, crypto-focused credit cards might expand further in the coming year. According to reports from last month, BlockFi and Visa have teamed up to unveil a new credit card that rewards the users with bitcoin.