Tyler Winklevoss, Gemini Co-Founder & CEO, shared the news his company has a new way to invest in crypto via an official announcement made on January 14th.
The cryptocurrency exchange has announced a new line of products with its own fiat credit card, which will allow holders to gain rewards in Bitcoin or other cryptocurrencies.
One of the most surprising facts about the announcement is that this new credit card will work with fiat dollars instead of crypto despite the company’s status as a crypto exchange.
Crypto Rewards with a Fiat Credit Card at Gemini
Gemini’s card is not a debit card but a credit card, similar to the card announced by BlockFi back in December of 2020, making these 2 cards the first to offer rewards in the form of crypto/investable assets instead of traditional cashback, miles, or similar rewards.
It is not clear which of both cards will be launched first, with BlockFi announcing the launch for “spring 2021” while Gemini’s will launch “Later in 2021”. Both companies have opened their waiting lists for users interested in applying.
Investing in Crypto by Spending in Fiat
Gemini’s new credit card will allow holders to earn up to 3% back in cryptocurrencies like Bitcoin for every dollar that is spent with it, although no information on what other cryptocurrencies will be supported has been published.
This option to passively invest in cryptocurrency while paying for daily services and commodities is sure to be attractive for thousands of investors, especially at a time when other credit card’s rewards are not that useful due to the Covid19 pandemic.
Those interested in obtaining the credit card won’t be required to have a Gemini at the time but will need to create an account to receive their rewards automatically once the card is…