Cryptocurrency exchange Gemini, in collaboration with Ripple, has launched a new XRP credit card that offers cashback of up to 4% for U.S. customers. This move has proven successful, pushing Gemini’s app to higher rankings in the App Store.
New Product in the Credit Card Market
The XRP credit card launched by Gemini allows users to receive cashback in cryptocurrency on purchases. This product is offered through WebBank under the Mastercard brand and represents a significant step in the adoption of crypto-financial services.
Impact on Users and Partnerships
The launch of the card has attracted new users to the Gemini app, which now ranks highly in the financial app standings in the U.S. Gemini is also partnering with several retailers to offer up to 10% cashback in XRP. According to the company, rewards are issued instantaneously.
Financial Implications for Gemini
Despite the success of the new product, Gemini is facing financial challenges, including significant losses in the first half of 2025. Nevertheless, the launch of the XRP credit card may enhance the company's position in a competitive landscape previously dominated by Coinbase.
The launch of the XRP credit card by Gemini illustrates the changing landscape of cryptocurrency services and user needs. However, the company’s future remains uncertain amidst financial challenges.
