Gemini, a well-known cryptocurrency exchange, has launched a credit card in collaboration with Ripple, allowing users to earn cashback in XRP. This innovation aims to expand the use of cryptocurrency in everyday life.
XRP Cashback Credit Card
The credit card, issued by WebBank, allows users to earn up to 4% cashback in XRP on fuel, electric vehicle charging, and rideshare purchases. Additionally, there are 3% cashback for dining, 2% on groceries, and 1% on all other purchases. Through partnerships with select merchants, customers can secure up to 10% cashback on eligible transactions.
Expansion of Ripple USD Usage
Along with the XRP card launch, Gemini announced a broader role for Ripple USD, which is now available as a base currency for all U.S. spot trading pairs. This addition allows traders to switch between RLUSD and other digital assets without unnecessary conversion steps. Tyler Winklevoss, co-founder of Gemini, stated that this will provide both customers and the XRP community with more ways to engage with the token.
Gemini's Expansion Strategy
The new card launch follows Gemini's broader push to expand its offerings while preparing to go public in the United States. Earlier this year, the exchange also launched the ability to trade tokenized U.S. stocks and received a MiCA license in Malta. Additionally, Ripple granted the company a $75 million credit facility. Despite a net loss of $282 million in the first half of the year, the card launch aims to increase the use of cryptocurrencies in regular financial activities.
The new credit card from Gemini represents a step towards the broader adoption of cryptocurrencies in everyday finances, providing users with the opportunity to earn rewards on common expenses while also boosting the usage of Ripple USD.
