The Winklevoss owned Cryptocurrency exchange Gemini, made a statement yesterday, announcing their new credit card that gives cryptocurrency rewards to holders. Their acquisition of Blockrize will speed up the credit card release.
By providing 3% back in Bitcoin or other supported cryptocurrencies on every purchase made, the new credit card could make quite a splash in the Crypto credit card space.
Gemini has already opened a waiting list for the new card and those on the Blockrize card waiting list, about 10,000 customers so far, will be added to it. All on the list will be the first to receive the card when it is released, and begin receiving their crypto-back on purchases.
Blockrize is a fintech company that was already well down the road to releasing their Crypto-back credit card to consumers. Being acquired by Gemini has certainly accelerated progress, while at the same time benefitting from the backing and professionalism that Gemini offers.
Increased cryptocurrency adoption
According to Tyler Winklevoss, CEO of Gemini,
"The Gemini Credit Card will make it easier for any consumer to invest in bitcoin and other cryptos without changing their existing behavior,"
Holders of the card will just continue their spending patterns and all the while they will be earning cryptocurrency that they can either just hold, hoping it increases in value, or liquidate into fiat currency. Obviously, the more people that use the card, the more that cryptocurrencies are transacted.
Use of the card will obviate the need for people to worry about buying cryptocurrencies on exchanges, a process that may well concern some, given security and complexity issues. The constant addition of cryptocurrency into their card account could replace this necessity.
"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."
Further advantages of the Blockrize card are that there will be no exchange fees on Crypto rewards. Add to this the backing of Gemini’s industry-leading security, and the fact that the card will be available to customers in 50 US states, puts the card in a very strong position.
The Gemini company believes that “Crypto is not just a technology, it’s a movement”. It also states that “Crypto has the capacity to force a redesign of the Internet, our financial system, and money”. By acquiring Blockrize, Gemini and the Winklevoss twins will go one step further to achieving this vision.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.