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With the acquisition of fintech startup Blockrize last year, Gemini, a crypto exchange and custodian, accelerated its efforts to launch a credit card with cryptocurrency rewards.
The Gemini Credit Card will work like any other credit card and will be available in all 50 U.S. states. The card will allow cardholders to earn up to 3% back in bitcoin or other crypto. Earned rewards will be deposited on the cardholder's Gemini account.
There is no information on whether the card will be a Visa or Mastercard card. While Gemini promises no exchange fees on crypto rewards, other information such as card fees, interest rates, bonuses, supported crypto, and the card issuer will be announced closer to the launch of the card.
Now, anyone who's interested in the Gemini Credit Card can join their waitlist to get early access. There is no need to have a Gemini account to join the list but once the card is received, the account will be required as rewards will be deposited directly there. Those who joined the Blockrize waitlist will stay on the list and will also get early access.
Last month we wrote about BlockFi Bitcoin Rewards Credit Card that is launching in the U.S. The card earns 1.5% back in bitcoin on every purchase. The waitlist for this card has been open for a while allowing BlockFi members with a funded BlockFi Interest Account to join the waitlist. However, now anyone can apply for the BlockFi Rewards Visa® Signature Credit Card.