Today, the Gemini cryptocurrency exchange announced plans to launch the Gemini credit card, which will reward users with bitcoin for purchases, later this year.
The launch announcement follows Gemini’s acquisition of Blockrize, a fintech company that was already working on such a product. Gemini has started a waitlist for early access to the credit card that will also include more than 10,000 members of the Blockrize waitlist.
“By combining Gemini’s simple, reliable and secure platform with Blockrize’s rewards program, cardholders will be able to earn up to 3% back in bitcoin, or other cryptos, on every purchase made with the card. Gemini credit, ”according to a press release shared with Bitcoin Magazine.
The card will be available to US residents in all states and Gemini expects it to be usable anywhere “major cards are accepted.” Bitcoin rewards will be automatically deposited into a user’s Gemini account.
“I am often asked when is the right time to buy bitcoin,” said Tyler Winklevoss, CEO of Gemini. Bitcoin Magazine in an interview. “The Gemini Credit Card answers this question by simply turning your current buying behavior into investing behavior. You don’t have to worry about the timing of the market, you can live your life and rest knowing you are stacking sats every time you swipe your Gemini credit card. “
As a product that allows users to acquire BTC seamlessly, Winklevoss sees the card as another important step in the continued rise of the asset among retail investors.
“We believe the Gemini credit card will be a major moment for Bitcoin,” he said. “There are more people in the world who have credit cards than people who directly own bitcoin. Gemini credit card can bring bitcoin to this wider audience without asking them to change their behavior. Instead of earning airline miles, points, or other nifty rewards, people can instead earn bitcoin and secure their future. The Gemini credit card turns spending into constructive investing behavior. “