Prominent cryptocurrency exchange lead by Tyler and Cameron Winklevoss, Gemini, announced on Thursday the launch of its crypto credit card which will offer rewards to the users in cryptocurrencies, including Bitcoin.
According to Gemini, the effort to provide users with the credit card has been accelerated by its acquisition of Blockrize, a fintech startup that has been building credit cards with cryptocurrency rewards.
It will be made available to all U.S. citizens and can be used as a regular credit card at places where major cards are accepted. Users will be able to earn up to 3 percent back in Bitcoin or other cryptos by using it. The rewards will be reflected automatically into a cardholder’s Gemini account.
According to Tyler Winklevoss, the CEO of Gemini, the card will make it easier for consumers to invest in Bitcoin and other cryptos “without changing existing behavior.” He added:
“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.”
The cryptocurrency exchange had opened the Gemini Credit Card waitlist, who will get the early access. Even Blockrize had opened a waitlist that exceeds 10,000 people who are eligible for this credit card.
As competition heats up in the crypto ecosystem, Gemini has been an active participant in the race. Crypto credit cards with rewards will be an interesting addition to users warming up to crypto. Blockrize was Gemini’s second acquisition, following Nifty Gateway in November 2019 and it may look forward to companies that would enable it to bring new and engaging products to the crypto ecosystem.