Jumping on the hot digital currency trend, cryptocurrency exchange firm Gemini said Thursday that it will launch a branded rewards credit card later this year.
Gemini also announced Thursday that it had acquired Blockrize, a fintech that was already developing a cryptocurrency rewards card. The new product, the Gemini Credit Card, will be a combination of the Gemini cryptocurrency exchange platform and the Blockrize rewards program.
Gemini Credit Card holders will earn up to 3% back in Bitcoin or other cryptocurrencies with each purchase made, and rewards will be automatically deposited into users’ Gemini accounts. More notably, Gemini is advertising that cardholders won’t have to pay exchange fees on cryptocurrency rewards, which can vary greatly between exchange platforms and currency types.
Gemini is the second cryptocurrency company to announce plans for a crypto rewards credit card in recent months. BlockFi announced its BlockFi Bitcoin Rewards Credit Card in December, which is focused specifically on Bitcoin rewards. Based on today’s announcement, the Gemini Credit Card may offer more flexibility for cryptocurrency investors because it uses Blockrize’s technology, which currently supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Both rewards cards are well-timed given the resurgence of cryptocurrency during the pandemic.
The Gemini Credit Card will be available to U.S. residents later this year, and should be widely accepted by retailers, according to the company’s announcement. Those interested in the Gemini Credit Card can now join a waitlist for the new product.