Cryptocurrency Exchange Gemini Launches Credit Card That Earns Solana Rewards

Cryptocurrency exchange Gemini has released a credit card that enables users to earn Solana rewards on select purchases and automatically stake their Solana credit card rewards directly.

Gemini said in a Monday (Oct. 20) blog post that that the new Solana edition of the Gemini Credit Card offers these benefits.

With this card, customers can earn up to 4% back 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.

Customers can earn as much as 10% back on qualifying purchases at select merchants, the post said.

In addition, Gemini customers can automatically stake their Solana credit card rewards directly, earning a reward by locking up their cryptocurrency to participate in validating transactions and maintaining the Solana network’s security, per the post.

“Launching a Solana edition of the Gemini Credit Card was a logical choice given Solana’s momentum and its robust and active community it built as one of the top ecosystems for new developers,” Gemini said in the post. “Solana’s rewards performance has been one of the highest among available cryptocurrencies on Gemini.”

Gemini announced its plans to offer a cryptocurrency rewards credit card in January 2021 after acquiring Blockrize, which was developing such a card.

Tyler Winklevoss, CEO of Gemini, said at the time that the card would offer consumers an easy way to invest in cryptocurrencies.

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

In August, Gemini and blockchain company Ripple collaborated to release an XRP Edition of the Gemini Credit Card.

This edition of the 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.

Winklevoss said in an Aug. 25 blog 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.”

Ripple CEO Brad Garlinghouse said in that same post as saying that the card would make crypto “simple and approachable for everyone.”