Cryptocurrency exchange Gemini announced in a press release Thursday (Jan. 14) that it will soon be offering a cryptocurrency rewards credit card with its acquisition of Blockrize, which was developing such a card.
Gemini Credit Card users will earn up to 3 percent back in cryptocurrency on every purchase, the release said, and will be able to use the card everywhere major cards are accepted.
Gemini has opened up a waitlist for interested consumers, who can get early access to the application, along with the over 10,000 people on Blockrize’s waitlist.
The card will offer consumers an easy way to invest in cryptocurrencies like bitcoin, Gemini’s CEO Tyler Winklevoss said in the release.
“Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases,” Winklevoss said.
After making a purchase, the crypto rewards will be deposited in the user’s Gemini account automatically.
Gemini acquired the 350-employee startup Blockrize in the third quarter, Bloomberg reported. The financial details of the deal were not disclosed.
“Cash is trash,” Winklevoss told Bloomberg.
“We are watching the market, and we are also having internal discussions on whether it makes sense for us at this point in time,” Cameron Winklevoss said. “We are certainly open to it.”
As cryptocurrency grows in popularity, a need for more thorough record-keeping has been called upon, not only to regulate digital assets, but bring them out of the realm of speculation and toward greater use in everyday commerce.