Jumping on the hot digital currency trend, cryptocurrency exchange firm Gemini said Thursday that it will launch a branded rewards credit card later this year.
Gemini also announced Thursday that it had acquired Blockrize, a fintech that was already developing a cryptocurrency rewards card. The new product, the Gemini Credit Card, will be a combination of the Gemini cryptocurrency exchange platform and the Blockrize rewards program.
Gemini Credit Card holders will earn up to 3% back in Bitcoin or other cryptocurrencies with each purchase made, and rewards will be automatically deposited into users’ Gemini accounts. More notably, Gemini is advertising that cardholders won’t have to pay exchange fees on cryptocurrency rewards, which can vary greatly between exchange platforms and currency types.
Gemini is the second cryptocurrency company to announce plans for a crypto rewards credit card in recent months. BlockFi announced its BlockFi Bitcoin Rewards Credit Card in December, which is focused specifically on Bitcoin rewards. Based on today’s announcement, the Gemini Credit Card may offer more flexibility for cryptocurrency investors because it uses Blockrize’s technology, which currently supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Both rewards cards are well-timed given the resurgence of cryptocurrency during the pandemic.
The Gemini Credit Card will be available to U.S. residents later this year, and should be widely accepted by retailers, according to the company’s announcement. Those interested in the Gemini Credit Card can now join a waitlist for the new product.
FAQs
How do I redeem rewards? If you would like to withdraw the U.S. Dollar value of your cryptocurrency rewards, you can sell the crypto in your Gemini Exchange account and transfer the funds to your verified bank account.
Is Gemini exchange legit? ›
U.S. dollars in your Gemini account are also protected. These cash deposits have the same FDIC insurance that many banks and credit unions offer, covering up to $250,000 per eligible account. In a nutshell, the answer to the question of "Is Gemini exchange safe?" is yes.
Is a Gemini credit card a hard pull? ›
If you are pre-qualified, you will be asked for additional information, and Gemini, on behalf of WebBank, will make a hard inquiry of your credit report to provide you with a final decision. The hard inquiry can impact your credit score.
What happened with Gemini? ›
“Gemini failed to conduct due diligence on an unregulated third party, later accused of massive fraud, harming Earn customers who were suddenly unable to access their assets after Genesis Global Capital experienced a financial meltdown,” said NYDFS Superintendent Adrienne Harris in a statement.
Why is Gemini not allowing withdrawals? ›
Your crypto withdrawals may be temporarily restricted for a few different reasons: Sign-In From a New Device. Pending Bank Transfer (ACH) Pending Debit Card Transfer (24 hour hold)
How to get free crypto on Gemini? ›
Invite your friends to trade crypto on Gemini and earn rewards in the crypto of your choice - The higher their club level, the higher your rewards! When your friend signs up and places at least $100 worth of trades within 30 days of signing up, you both will receive $15 USD* in the cryptocurrency of your choice.
What is the Gemini exchange scandal? ›
“Gemini failed to conduct due diligence on an unregulated third party, later accused of massive fraud, harming Earn customers who were suddenly unable to access their assets after Genesis Global Capital experienced a financial meltdown,” NYDFS Superintendent Adrienne Harris said in a statement Wednesday.
How much can you withdraw from Gemini? ›
There is a $100,000 per day ACH withdrawal limit for US customers. There is a daily limit of $1,000 on debit card purchases. Please note that debit cards can only be used to complete a trade and are not available for fiat deposits or withdrawals. This limit resets after 24 hours from your previous purchase.
How much is the withdrawal fee for Gemini? ›
A withdrawal fee of 0.55% will be applied to all SGD withdrawals via FAST transfer. This wire withdrawal fee will apply to all customers who initiate SGD withdrawals to their bank accounts linked via Xfers. SGD deposits via FAST transfer will remain free.
Does Gemini have instant withdrawal? ›
Most Gemini cryptocurrency withdrawal requests are processed within 2 to 3 hours (depending on the crypto asset), but they may take up to 48 hours in rare cases.
Gemini can receive SWIFT wire transfers from banks located anywhere within our areas of availability. SWIFT wire transfers settle as soon as they have been received in our bank account. As a result, these funds are available for trading and withdrawal immediately once they have been credited to your account.
What is the limit on Gemini card? ›
There is a limit of $1,000, refreshing every 24 hours.
Will Gemini customers get their money back? ›
If approved by the bankruptcy court, the settlement would allow the Gemini customers to recover 97% of their assets in whatever digital currency they are owed within just a few weeks.
Will Gemini return the money? ›
Gemini Earn customers will receive 100% of their locked-up holdings – potentially north of $1.1 billion – from the now-defunct program after a settlement with the New York Department of Financial Services, NYDFS announced Wednesday afternoon.
What is the lawsuit against Gemini Earn? ›
Judge Edgardo Ramos, of the Southern District of New York, found that the regulatory agency's complaint “plausibly alleges” that the two firms violated securities laws – allegedly offering and selling unregistered securities to retail investors – through the now-defunct Gemini Earn program.
What is the Gemini reward? ›
3% back on dining, 2% on groceries, 1% on other purchases. Some exclusions apply to instant rewards in which rewards are deposited when the transaction posts. Gemini Credit Card terms and conditions will apply.
How long to withdraw cash from Gemini? ›
Withdrawal timelines vary. This transfer should take approximately 3 business days to complete, but may take longer depending on the custodian, Gemini.
How does Gemini dollar work? ›
Gemini Dollar is a USD-backed stablecoin native to the Gemini exchange. It has a 1:1 ratio with the dollar, so it can always be converted to $1 USD. There are zeros fees to buy or sell GUSD through Gemini.
