Today, cryptocurrency exchange Gemini announced its plans to launch Gemini Credit Card, which will reward users with bitcoin back for purchases, later this year.
The launch announcement follows Gemini’s acquisition of Blockrize, a fintech company that had already been working on such a product. Gemini has started a waitlist for early access to the credit card that will also include Blockrize’s more than 10,000 waitlist members.
“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,” according to a press release shared with Bitcoin Magazine.
The card will be available to U.S. residents in every state and Gemini expects it to be useable wherever “major cards are accepted.” Bitcoin rewards will be automatically deposited into a user’s Gemini account.
“The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior,” Tyler Winklevoss, CEO of Gemini, said in the release. “Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases.”