Cryptocurrency exchange Gemini and blockchain company Ripple collaborated to release an XRP Edition of the Gemini Credit Card.
The credit card offers crypto rewards in the form of XRP, which is the digital currency built into the XRP Ledger (XRPL), and is issued by WebBank on the Mastercard network, Gemini said in a Monday (Aug. 25) company blog post.
The XRP Edition of the Gemini Credit Card offers 4% back in XRP on gas, electric vehicle charging and rideshare; 3% back on dining; 2% back on groceries; and 1% back on other purchases, according to the post.
In addition, qualifying purchases at select merchant partners offer as much as 10% back, the post said.
The Gemini Credit Card also offers cardholders access to discounts through the World Elite Mastercard program, per the post.
“By introducing a special XRP edition of the Gemini Credit Card, we’re giving customers and the XRP Army new ways to earn XRP and express their passion, loyalty and excitement,” Gemini co-founder and CEO Tyler Winklevoss said in the post.
Ripple CEO Brad Garlinghouse said in the post that a growing number of consumers in the United States are looking for easier ways to access crypto and use it in their daily lives.
“With Gemini, we’re making everyday spending a chance to earn and connect with both XRP and [Ripple-issued, dollar-backed stablecoin] RLUSD,” Garlinghouse said. “It’s a step toward giving people a faster way to move money, and making crypto simple and approachable for everyone.”
