Cryptocurrency exchange Gemini has announced the launch of a credit card linked to XRP, offering users up to 4% rewards in this digital asset. At the same time, the company is expanding access to Ripple's dollar-pegged stablecoin for customers in the U.S.
XRP Credit Card and Its Benefits
Gemini's credit card offers rewards of up to 4% on fuel purchases and rideshare services, with select merchant partnerships providing up to 10% returns. The rewards structure mirrors traditional credit card tiers: 4% on fuel and electric vehicle charging, 3% on dining, 2% on groceries, and 1% on all other transactions. Co-founder Tyler Winklevoss stated that the card is designed to cater to the needs of the XRP community.
Ripple USD Integration into the Platform
Gemini has also integrated Ripple USD more deeply into its platform infrastructure. The $680 million stablecoin now serves as a base currency for all trading pairs available to U.S. users. Ripple CEO Brad Garlinghouse emphasized that this partnership simplifies the process of using cryptocurrency in everyday spending.
Preparation for Public Offering and Market Trends
The launch of new initiatives coincides with Gemini's preparations for a public offering. The exchange has significantly expanded its service offerings this year, launching tokenized U.S. stock trading and obtaining regulatory approval in Europe. Despite a net loss of $282 million in the first half of 2024, the new credit card and Ripple integration could strengthen Gemini's market position, especially given the growing interest in cryptocurrency.
Gemini's initiatives to launch the XRP credit card and expand Ripple USD integration may significantly strengthen their position in the cryptocurrency market. These steps target both XRP supporters and a broader audience amid ongoing market uncertainty.
