Gemini Launched Cryptocurrency Reward Credit Card After Announcement Last Year

Since its launch, Gemini credit card has recorded more than 500000 registrants on its waiting list.

Gemini, a cryptocurrency platform, officially launched its cryptocurrency reward credit card after a long wait. According to the announcement, Gemini credit cards are currently available in all 50 states in the United States, and have shown incredible acceptance among users. Since its launch, more than 500000 registrants have been recorded on the waiting list of Gemini credit cards. Due to the cooperation with MasterCard, Gemini card can be used wherever MasterCard is accepted.

Sherri Haymond, executive vice president of MasterCard digital partnership, commented that MasterCard and Gemini have a similar focus on allowing access to the digital currency ecosystem through relevant and innovative cryptocurrency incentives.

The Cooperation

“We are honored to work with Gemini to provide this unique reward product to make it easier for consumers to experience cryptocurrency,” he said.

Gemini currently supports more than 60 cryptocurrencies for users to choose for rewards. This includes bitcoin, dogecoin, Ethereum, etc. It is designed to automatically convert the dollar value of the reward to the selected cryptocurrency whenever the cardholder makes a consumption. This will then be deposited into their Gemini account balance.

In addition, cardholders are free to change the cryptocurrency rewards they choose as long as they like. Cardholders have the opportunity to receive up to 3% cryptocurrency return in catering and 2% cryptocurrency return in groceries. In addition, those who make all other types of consumption can get up to 1% of the cryptocurrency return.

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Target Market

Gemini credit card has no annual fee, and customers can directly access the digital version of the credit card on the network and Gemini applications. Pravjit Tiwana, chief technology officer of Gemini, hinted that their target market was informed by their market activities last year.

“Last year, the cryptocurrency industry ushered in its explosive moment. 44% of cryptocurrency owners in the United States reported that they bought cryptocurrency for the first time.” Gemini is committed to helping promote more education and provide innovation to remove entry barriers for consumers who want to obtain cryptocurrencies such as bitcoin, “he said.

Pravjit further explained that this innovation aims to increase the adoption of cryptocurrency by simplifying users’ investment methods without affecting their daily behavior. “With Gemini credit card, users can also enter a single trusted platform to buy, sell, store and earn the real benefits of cryptocurrency. We are very excited about its widespread use across the United States,” he added.

Like BlockFi and Venmo, the project was originally announced in 2021 to encourage the use of cryptocurrencies in daily transactions. BlockFi has launched it, because last year, the shopping spree of cardholders is said to be the bitcoin reward it launched.