Gemini’s Big Reveal
The Winklevoss twins have done it again! On Thursday, Gemini officially launched its Crypto Credit Card, a move that’s as bold as it is innovative. This card is not just for the crypto-elite; it’s available across all 50 states in the U.S., making it accessible to everyone from San Francisco to Scranton. It’s like Willy Wonka but for cryptocurrencies!
Partnership Power: Mastercard and WebBank
Issued by WebBank, a state-chartered industrial bank, and backed by the global giant Mastercard, the Gemini Credit Card boasts a robust infrastructure designed to support both everyday spending and the world of crypto rewards. Think of it as combining peanut butter and chocolate—two great tastes that taste great together!
Reward Yourself: How Does It Work?
Cardholders can earn varying levels of crypto back based on their spending. Here’s the breakdown:
- Dining: 3% crypto back
- Groceries: 2% crypto back
- Everywhere Else: 1% crypto back
When you swipe your card, the USD value of your rewards is automatically converted into the cryptocurrency of your choice (over 60 options available!). It’s like winning the lottery but with less hassle and more Bitcoin!
No More Barriers!
“We want to remove barriers for consumers,” said Gemini’s CTO Pravjit Tiwana. With 44% of crypto owners in the U.S. having made their first purchase in 2021, this card aims to further drive that trend. And what better way to do it than by rewarding people in digital currency for everyday purchases?
The Rise of Crypto Cashback
Gemini’s venture into crypto rewards comes at a time when the market is buzzing with similar offerings. Companies like BlockFi and Venmo have already made their mark with cashback cards, and according to BlockFi, users earned over 124 Bitcoin in collective rewards in just three months last year. This trend is taking off, and Gemini is eager to ride the wave.
