Today, the Gemini cryptocurrency exchange announced its plans to launch the Gemini credit card, which will reward users with bitcoins back for purchases later this year.
The launch announcement follows the acquisition of Blockrize by Gemini, a fintech company that was already working on such a product. Gemini initiated a waiting list for early access to the credit card that will also include the more than 10,000 members on the Blockrize waiting list.
“By combining Gemini’s simple, reliable and secure platform with Blockrize’s rewards program, cardholders will be able to earn up to 3 percent back in bitcoin, or other encryption, on every purchase they make with their Gemini credit card ”, According to a press release shared with Bitcoin Magazine.
The card will be available to residents of the United States in all states, and Gemini hopes it can be used anywhere “major cards are accepted”. Bitcoin rewards will be automatically deposited into the user’s Gemini account.
“I am often asked when the time is right to buy bitcoin,” said Tyler Winklevoss, CEO of Gemini. Bitcoin Magazine in an interview. “The Gemini credit card answers that question simply by transforming your existing spending behavior into investment behavior. You don’t have to worry about controlling the time of the market, you can continue with your life and rest assured that you will be accumulating satellites every time you swipe your Gemini credit card
As a product that facilitates the acquisition of BTC by users, Winklevoss sees the card as another milestone in the asset’s continued rise among retail investors.
“We believe that the Gemini credit card will be a great time for Bitcoin,” he said. “There are more people in the world who have credit cards than people who have bitcoin directly. The Gemini credit card can bring bitcoin to a wider audience without asking them to change their behavior. Instead of earning airline miles, points or some other misleading reward, people can earn bitcoin and secure their future. The Gemini credit card turns spending into constructive investment behavior. “
