gemini is launching credit with bitcoin

What’s the origin story for this card?

Perlman: The concept started in 2017 at a tiny San Francisco startup called Blockrize. Founder Thomas Harrison wanted to figure out how he could bring more people into the crypto ecosystem. He found many people hesitated to jump into crypto because of the risk and volatility associated with these digital assets, but also the complexity of getting started. He brainstormed different ideas and sought feedback from his network before ultimately landing on a crypto rewards credit card. Most consumers are already familiar with credit cards and there’s a minimal risk — you get the rewards as a benefit.

Gemini was, of course, also interested in bringing crypto to the mainstream. We connected with Blockrize’s team in 2020 to discuss bringing its idea to our platform as a new product for our customers.

Unlike cash-back rewards or airline miles, we’ve heard from consumers that they find the financial upside of cryptocurrencies like bitcoin extremely appealing — especially when they can earn it in a low-risk way. It’s important for them to receive the rewards as soon as possible so they can benefit from any price appreciation.

Lastly, earning rewards intraday, every day can reduce volatility risk over time than if you were to earn them once a month.

Why did you want to work with Mastercard to launch this card?

Perlman: We’ve been in contact with Mastercard for years. Back in 2018, the Blockrize team pitched the idea for this card to Mastercard and their team was really excited by it.

Gemini is focused on growing the crypto ecosystem by bringing more people into the industry and launching helpful and innovative financial products.

Gemini is launching credit with bitcoin

Tyler Winklevoss said that the new card would make it easier for clients to invest in Bitcoin without having to change their existing behavior.

“Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases. We’re excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.”

Gemini’s card will operate as a normal credit card and will become available in the US for all residents in every state.
Crypto rewards will be automatically deposited into the user’s Gemini account.

As the digital assets continue to increase consumer interest, crypto-focused credit cards might expand further in the coming year.

Partnering with one of the largest networks in the world to help consumers easily earn crypto on their everyday purchases was an obvious choice.

Turner: We very much share the same ethos as Gemini when it comes to giving people innovative products and building upon them — making our collaboration a natural fit. Gemini is a visionary in the crypto space, and we’ve been excited to work so closely to offer a product that was compelling to a lot of people already.

What are you hoping people get out of this card when considering the broader world of blockchain?

Turner: As the crypto world continues to evolve, we’re committed to helping to shape it and guide it, using our principles to protect consumers and their data, and follow regulations.

Similar to BlockFi’s card, it will work just like a regular credit card— giving you bitcoin rewards for every purchase that you make.

We don’t know as much about the Gemini card at the time of publication, but the company says you’ll be able to earnup to3% back in bitcoins or other cryptocurrencies.

Currently, you can join the waitlist for theGemini credit cardwith your email address and will be notified prior to launch.

Fold cards

The Fold app has two available debit cards. Those who sign up must provide funds from a bank account before using it and receiving rewards.

Essentially, you spend cash — and earn bitcoins or another cryptocurrency.

Fold users have several options when they earn their bitcoins at the market rate. They can transfer them to a cryptocurrency wallet, spend bitcoins with retailers within Fold’s app or simply keep them.

Gemini Credit Card, a credit card with cryptocurrency rewards. This effort has been accelerated by the acquisition of Blockrize, a fintech startup that has been building a credit card with cryptocurrency rewards.
In preparation for launch later this year, Gemini has opened the Gemini Credit Card waitlist — providing Gemini customers, and those already on the Blockrize waitlist, with early access.

By combining Gemini’s simple, reliable, and safe platform with Blockrize’s rewards program, card holders will be able to seamlessly earn up to 3 percent back in bitcoin, or other cryptos, on every purchase they make with the Gemini Credit Card.

“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior, ” said Tyler Winklevoss, CEO of Gemini.

“Our work with Gemini builds upon this position, connecting consumer needs with next-generation assets and delivering a ground-breaking experience that redefines the future of card rewards and benefits,” she said.

Gemini co-founder Tyler Winklevoss said crypto credit cards were a good way to give users a point of entry to the cryptocurrency space without them having to alter their existing spending habits.

“As more consumers look to enter the crypto ecosystem, the Gemini Credit Card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits,” said Winklevoss.

“Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space.

To sign up for a Gemini account visit:

This is Gemini’s second acquisition, following its acquisition of Nifty Gateway in November of 2019. Gemini continues to look for companies that align with its values and mission to empower the individual through crypto.

About Gemini

Gemini Trust Company, LLC (Gemini) is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store more than 30 cryptocurrencies like bitcoin, bitcoin cash, ether, litecoin, and Zcash.

Gemini is a New York trust company that is subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services and the New York Banking Law.

What is Bitcoin, to begin with?

Bitcoin is a form of cryptocurrency that exists entirely in the digital realm. Bitcoin’s balances are kept on a peer-to-peer ledger everyone has transparent access to.

That public digital record of transactions is commonly referred to as a blockchain.

Bitcoin is one of the most popular cryptocurrencies that use blockchain. In general, cryptocurrencies typically have lower transaction fees compared to traditional online payment tools and are entirely operated by a decentralized authority.
That makes it different from common government-issued currencies.

The value of bitcoins can go up or down — and has, thus far, done both at different times. But to give some context, in February of 2020, the value of a bitcoin was a little over $9,000.

Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space. We’re excited to partner with them on our first real-time crypto rewards card, further helping to bring crypto mainstream.”

The Gemini Credit Card provides a seamless way for consumers to acquire bitcoin or other cryptocurrencies as a reward on their everyday purchases.

Cardholders will earn up to 3% back on dining, 2% back on groceries, and 1% back on other purchases. Cardholders also have the option to transfer their crypto rewards into Gemini Earn, a new interest-earning program, to grow their holdings even further.

“Consumer choice is at the center of Mastercard’s strategy – giving people flexibility in how they pay and anticipating their evolving preferences,” said Linda Kirkpatrick, president of North America at Mastercard.

As wepreviously reported, the BlockFi Bitcoin Rewards credit card will offer cardholders a flat 1.5% cash back that’s automatically converted to bitcoins across all of your spending. But the big catch is that the card comes with a pretty hefty annual fee of $200 per year.

These upcoming crypto cards all have a waitlist to join, and for the BlockFi card, that list is now open to the public to join.

Related:Forget miles, this card pays you back in Bitcoin

Gemini credit card

Gemini is another cryptocurrency exchange company that will unveil a bitcoin-earning credit card later in 2021.

Instead of having sensitive information like the card number and the security code, the card will only show the user’s name.

Cardholders also receive the benefits of having a Mastercard such as offers from DoorDash, HelloFresh, Lyft and ShopRunner and others. The card also features Mastercard ID Theft Protection™, Zero Liability and Price Protection.

The press release noted that cardholders will receive 3% on dining, 2% on groceries and 1% on other purchases.

“As more consumers look to enter the crypto ecosystem, the Gemini Credit Card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits,” said Tyler Winklevoss, CEO of Gemini.

“Mastercard continues to evolve and meet both industry and consumer demands and commit to the crypto space.

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