Gemini crypto exchange launches credit card in United States

cointelegraph.com:

Gemini, a major cryptocurrency exchange founded by the Winklevoss twins, has launched its crypto credit card.

The company officially announced Thursday that its Gemini Credit Card is available in the United States across all 50 states.

The new card is issued by the state-chartered industrial bank WebBank and features Mastercard as the exclusive card network.

The card’s rollout comes more than a year after Gemini initially announced the project in 2021, aiming to reward users for using crypto for everyday transactions. Since launching the Gemini Credit Card waitlist last year, more than 500,000 users have signed up for the product, the firm said.

The Gemini Credit Card supports more than 60 cryptocurrencies for rewards, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and others. Cardholders are able to earn up to 3% crypto back on dining, 2% on groceries, and 1% on all other purchases.

When a cardholder makes a purchase, Gemini automatically converts the United States dollar-denominated value of the reward into the selected digital asset and deposits it into the cardholder’s Gemini account. Cardholders can change their selected crypto reward as often as they wish, which enables customers to earn not just one cryptocurrency.

Mastercard’s executive VP of digital partnerships Sherri Haymond noted that the payment company shares Gemini’s belief that providing relevant crypto rewards experiences will “not only empower consumers, but also unlock access to the digital currencies ecosystem.” 

Gemini chief technology officer Pravjit Tiwana said that the new credit card reaffirms the company’s commitment to remove barriers of entry for consumers who want to get into cryptocurrencies like Bitcoin. Tiwana mentioned that the crypto