Gemini exchange to launch credit card with 3% cashback rewards paid in Bitcoin

Users of the Gemini exchange can now sign up for a cryptocurrency rewards credit card that lets them earn up to 3% back in Bitcoin (BTC).

The Winklevoss-led exchange and custodian announced Thursday that the waitlist for the Gemini Credit Card is now open. According to an announcement shared with Cointelegraph, the new card will be launched later this year.

Gemini disclosed that it has acquired Blockrize, a crypto payments startup headed by product developers formerly of American Express, JPMorgan Chase, Google and BitMEX. Blockrize has a waitlist of 10,000 people and they too will receive early access to the Gemini Credit Card.

Blockrize is Gemini's second acquisition. It purchased Nifty Gateway, a non-fungible tokens platform, in Nov 2019.

Gemini co-founder and crypto influencer Tyler Winklevoss said the new credit card will make it easier for customers to invest in Bitcoin “without changing 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 operates as an ordinary credit card and will be available to U.S. residents in every state. Crypto rewards will be automatically deposited into the user’s Gemini account.

As digital assets continue to pique consumer interest, crypto-focused credit cards are likely to expand further in the coming year. As Cointelegraph reported last month, Visa and BlockFi have teamed up to launch a new credit card that rewards users with BTC.