Gemini and Ripple Launch Credit Card Offering Crypto Rewards

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.”

Gemini unveiled the Gemini Credit Card in January 2021, saying cardholders would be able to use the card everywhere major cards are accepted, earn rewards in crypto on every purchase and more easily invest in crypto.

“Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases,” Winklevoss said at the time.

Gemini filed for an initial public offering Aug. 15 amid an ongoing mainstreaming of the crypto sector following President Donald Trump’s return to office.

The company’s IPO filing showed it had net losses of $282.5 million and revenues of $67.9 million for the first six months of the year, up from a $41.1 million net loss and revenues of $73.5 million during the first half of 2024.