Cryptocurrency exchange company Gemini is acquiring the blockchain and announcing a new product today based on the work of Blockcrease. Later this year, the company is launching a credit card that acts like a regular credit card – but you earn bitcoin rewards based on your purchases.
The credit card will operate on the Visa network and will be available in the US. Customers will earn up to 3% in bitcoin rewards (again,) till 3%). You will also be able to earn other crypto assets. Those rewards will be credited to your Gemini account.
This is not the first time a company is announcing a credit card with bitcoin rewards. Blockify already announced its own card in December. The two companies have not yet launched their cards.
As a comparison, Blockify promised a 1.5% prize on Fiat’s purchase. There is a $ 200 annual fee, but if you spend at least $ 3,000 with the card in the first three months you will get $ 250 back.
This new category of credit cards can be interesting for those who want to get cryptocurrency slowly without going through the exchange. Similarly, some crypto enthusiasts do not want to use a debit card tied to a cryptocurrency wallet because they do not want to spend their crypto assets – HODL, as they say.
You can consider those credit cards as an alternative to credit cards that give you cashback. Certainly, you do not get points that you can exchange for allowances. But you get crypto assets without thinking about it.
Gemini customers can sign up to the waitlist today. Block had been working on credit cards for some time. Although it is now part of the Gemini sign, people who were previously signed into the blockrise waitlist are still on the waitlist.