What to know:
- Crypto exchange Gemini has launched a credit card tied to XRP, which provides cryptographic rewards reaching up to 4% on purchases.
- The exchange is also broadening the use of Ripple’s RLUSD stablecoin as a default currency for spot trading pairs aimed at U.S. users.
- Gemini announced its intention to go public with an IPO filing in June.
Gemini, created by billionaires Cameron and Tyler Winklevoss, shared that they have partnered with Ripple to introduce a specialized XRP version of their credit card. This card allows users to earn crypto rewards across various spending categories.
According to a blog post, the card, issued by WebBank, offers up to 4% cashback in XRP on fuel and rideshare transactions, 3% for dining, 2% on groceries, and 1% for other purchases. Additional cashback opportunities of up to 10% back on select merchants are also available.
“We’re giving customers and the XRP Army new ways to earn XRP and express their passion, loyalty, and excitement,” said Tyler Winklevoss, co-founder and CEO of Gemini.
Translation: “We’re providing customers and fans of XRP new methods to earn XRP and show their enthusiasm, loyalty, and excitement.”
Furthermore, Gemini is increasing the application of Ripple USD (RLUSD), the $680 million U.S. dollar stablecoin released by Ripple. This token will now be utilized as a base currency across all spot trading pairs on the platform for U.S. users, simplifying the process for traders to exchange RLUSD with other assets without needing additional conversion steps.
“Fifty-five million Americans own crypto, and that number is only rising as more individuals seek easier ways to integrate it into their daily lives,” stated Brad Garlinghouse, CEO of Ripple. “Through our collaboration with Gemini, we are transforming everyday spending into opportunities to earn and interact with both XRP and RLUSD.
Gemini has been enhancing its offerings as it prepares for a public listing in the U.S. Earlier this year, the exchange began offering trading in tokenized U.S. stocks. Recently, they obtained a MiCA license in Malta to broaden their regional presence and disclosed a $75 million credit facility from Ripple in their IPO documentation, alongside reporting a $282 million net loss in the first half of the year.
Read more: Billionaire Winklevoss Twins-Backed Gemini Launches Self-Custodial Smart Wallet
