Ripple and Gemini have announced the launch of the XRP credit card designed for users in the US, offering unique bonuses and privileges for holders.
Launch of XRP Credit Card
On August 25, Ripple unveiled the Gemini XRP Edition Credit Card, which offers up to 4% rewards in XRP on purchases. The companies stated that the card was released for the XRP community in the United States and has no annual fee. Gemini is also offering a $200 XRP welcome bonus for users spending $3,000 in the first 90 days. The credit card is powered by Mastercard and has no foreign transaction fees or crypto exchange fees.
Conclusion of Ripple vs SEC Lawsuit
The launch of the credit card was made possible by the conclusion of the Ripple vs Securities and Exchange Commission (SEC) lawsuit. On August 15, Ripple and the SEC filed to drop their appeals, and the court approved the request a week later. Ripple will pay $125 million in civil penalties, while Judge Analisa Torres issued an injunction barring the firm from pursuing an initial public offering. However, Ripple offered a revolving credit line ahead of Gemini's IPO.
Community Reaction to the Card
The announcement triggered significant excitement within the community, with many applying for and getting approved for the XRP credit card. With the RLUSD stablecoin and XRP seeing notable adoption, the card is expected to bring real utility to millions of merchants. XRP continues to trade at $2.95, with future growth predictions.
The XRP credit card by Ripple and Gemini opens new opportunities for cryptocurrency users and highlights their commitment to expanding the use of XRP and RLUSD.
