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Gemini – the world’s most secure cryptocurrency exchange – is launching the one and only Gemini Rewards Credit Card.
This feature rich credit card lets you earn up to 3% back in bitcoin or other cryptocurrencies for every dollar you spend. The waitlist to apply is now open and the card is expected to hit the market later this year.
What is the Gemini Crypto Rewards Credit Card?
Tyler and Cameron Winklevoss built Gemini to be an easy and secure way for people to invest in cryptocurrency and tap into the power of blockchain technology.
The launch of the Gemini Crypto Rewards Credit Card underscores their bullish thesis and can serve as yet another entry point for consumers into the world crypto and decentralized finance.
The Winklevoss believe this credit card may help demystify crypto for the average person because it doesn’t require a huge behavior change. All you have to do is go about your everyday life, make purchases, and you’ll be investing in cryptocurrency.
It is intimidating investing in cryptocurrency and most people remain on the sidelines waiting for the “right time” to buy. Gemini’s Credit Card will serve as a mainstream moment and will empower the average person to utilize cryptocurrency.
Learn More: Gemini Review
Gemini Crypto Rewards Credit Card Features
While there are no exchange fees on crypto rewards, it is important to note that the credit card earns 3% “cashback” in crypto, and the reward kickback is subject to change.
The card is available across all 50 US states and is protected by Gemini’s industry-leading security.
Why Bitcoin Rewards and Not Cashback?
Bitcoin is a deflationary asset because its value theoretically increases over time. Bitcoin’s inventor, Satoshi Nakamoto, programmed a schedule of supply shocks that determines when and how many new bitcoin are created.
By fixing the supply, all that is left is demand. If enough people believe in the value of Bitcoin, then demand for the asset will increase as its circulating supply decreases. On the other hand, cash is naturally inflationary, and it loses value over time.
Related: Is Bitcoin a Good Investment?
How is Gemini Launching a Credit Card?
Gemini acquired Blockrize – a fintech startup that has been building a credit card with cryptocurrency rewards – to accelerate the credit card’s launch. Users who were previously on the waitlist to receive Blockrize’s 2021 card will roll over to Gemini’s waiting list.
Blockrize’s CEO and co-founder Thomas Harrison will play a pivotal role in the development and deployment of the Gemini Credit Card.
With deep industry experience, Harrison has spent the majority of his career growing teams and scaling products at early-stage startups.
Are there other Crypto Rewards Credit Cards?
Visa partnered with crypto company BlockFi to launch the industry’s first bitcoin rewards credit card. BlockFi guarantees a 1.5% “cashback” in bitcoin rewards, which is less than the Gemini credit card.
Moreover, BlockFi charges an annual fee of $200 to use its card. At the moment, Gemini has not announced if they will be charging an annual fee. It will be interesting to see which direction they drive Gemini’s credit card.
BlockFi is a cutting-edge cryptocurrency company that offers a full suite of products, including crypto-backed loans and interest bearing accounts that can earn an astonishing 8.6% APY.
Learn More: BlockFi Credit Card Review
Why We Like Gemini
Gemini prioritizes security at all costs and has gone through rigorous testing to prove it. They are the only crypto exchange to pass the SOC 1 Type 1 and SOC 2 Type 2 security exams, which are the industry’s highest level of security and compliance exams.
Gemini is regulated by the New York State Department of Financial Services (NYSDFS). This means Gemini must meet capitalization, compliance, anti-money laundering, consumer protection, and cybersecurity, requirements set forth by the NYSDFS and protect the interests of its customers first and foremost.
Additionally, Gemini has an account with the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the U.S. Department of Treasury. Gemini is not obligated to register with FinCEN, but they maintain an account with them to file necessary compliance reports.
Also, unlike some crypto exchanges that keep their platform’s assets in hot wallets, Gemini holds 95% of its crypto assets in cold storage. The portion that is kept in their online hot wallet is insured by Aon, a professional services firm that offers a range of financial risk-mitigation products.
As you can see, Gemini encourages thoughtful regulation in the crypto space. Tyler and Cameron realize that some level of appropriate regulation is necessary for Bitcoin to be adopted at scale.
Gemini Rewards Credit Card FAQs
Does Gemini Accept Credit Cards?
Gemini’s credit card will be available in all 50 US states and will be widely accepted wherever major credit cards are accepted. The Gemini Credit Card will work like a traditional credit card, but the user will receive rewards in the crypto of their choice.
Is Gemini.com legit?
Gemini has operated with a security-first mentality from day one and is one of the most respected cryptocurrency exchanges on the market. It trades hundreds of millions worth of USD in volume every day and is home to more than 30 coins.
Has Gemini ever been hacked?
Gemini has never been hacked or stolen from in any way since its launch in 2014. It employs a plethora of security measures to ensure its customer’s assets are secure.
Bottom Line: Gemini Crypto Rewards Credit Card
Hypothetically, you could spend money, earn bitcoin back, and that bitcoin could appreciate to the point where you have more value in your bank account than the cost of the initial purchase. That is not possible with airline miles or fiat.
Join the waiting list and invest in the future of money as you spend your dollars.