US-based cryptocurrency exchange and custodian Gemini is launching a credit card with cryptocurrency rewards later this year.
The launch of the Gemini Credit Card is said to have been boosted by the acquisition of fintech startup Blockrize.
Blockrize has already been developing a credit card with cryptocurrency rewards.
Gemini has opened a Gemini Credit Card waitlist for its customers. This waitlist will also provide the existing customers on Blockrize’s waitlist early access to the card.
There are more than 10,000 people on the Blockrize waitlist currently.
The integration of Blockrize’s rewards programme with Gemini’s platform will provide cardholders with the ability to earn up to 3% back in Bitcoin or other cryptocurrencies, for each purchase.
Similar to a traditional credit card, the Gemini Credit Card will be accepted where major cards are accepted, and residents of all US states will be able to avail this card.
The rewards earned will be automatically deposited into the Gemini accounts of the cardholders.
Gemini CEO Tyler Winklevoss said: “The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behaviour.
“Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases.
“We are excited to welcome the Blockrize team to Gemini and work together to continue to mainstream crypto.”
Blockrize’s takeover is the second acquisition by Gemini, which acquired Nifty Gateway back in November 2019.
Last year, Gemini entered into a partnership to integrate its app with Samsung Blockchain Wallet.