Gemini to Launch Reward-Based Crypto Debit Card Service via Its Acquisition of Blockrize

Friday 15 January 2021, 2:49 AM AEST - 5 days ago

With more companies entering the card services niche, Gemini will be developing new value-added services that will distinguish its cards from the pack.

Unites States-based cryptocurrency exchange Gemini has unveiled it will be rolling out a cryptocurrency debit card for which users can earn Bitcoin (BTC) based on their purchases. According to a report from The Block, the crypto debit card service which appears to be the growing attraction amongst cryptocurrency firms today will be spawned through Blockrize, a blockchain-based startup acquired by Gemini back in October 2020.

We are excited to announce the upcoming launch of the #GeminiCreditCard!💳

Our credit card will let you earn #crypto rewards on everyday purchases with up to 3% back in #bitcoin and other cryptocurrencies.

Many details are yet to be revealed about the proposed debit cards but the cards will churn out rewards as high as 3% of total purchases customers make which will be paid out in Bitcoin (BTC), and others yet to be named altcoins. As Gemini exchanges Chief Operating Officer, Noah Perlman told The Block in an interview, the small team of four from Blockrize joined Gemini when the startup was acquired, and the two teams are working assiduously to rollout the product later this year.

The crypto debit card from Gemini will be a great way for customers to invest in crypto, get exposure to the asset class, and then be able to sort of get the gains almost like a passive investment, Perlman said, And then to the extent that theres an increase in the value of those assets, that will accrue to them.

The Gemini executive also reiterated that the fact that digital assets increase in value over time amid inflationary tendencies spiked by the devaluing nature of traditional assets will naturally endear the product to new users.

Financial rewards are changing, said Perlm ...

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