Cryptocurrency exchange Gemini launches credit card in the US

As an incentive, the Gemini Credit card accepts more than 60 cryptocurrencies, including bitcoin (BTC), ethereum (ETH), dogcoin (DOGE) and more. Cardholders can earn up to 3% bitcoin back on meals, 2% bitcoin back on groceries, and 1% back on all other transactions.

When a cardholder makes a purchase, Gemini immediately converts the dollar value of the reward to the digital asset of choice and credits it to the cardholder's Gemini account. Cardholders can change their choice of cryptocurrency rewards at will, giving them access to

Sherri Haymond, executive vice president of digital partnerships at MasterCard, said the payments company agrees with Gemini that offering a meaningful crypto rewards experience will "not only empower consumers, but also unlock access to the digital currency ecosystem.

According to Pravjit Tiwana, Gemini's chief technology officer, the new credit card underscores the company's commitment to removing barriers to entry for consumers interested in cryptocurrencies such as bitcoin. Tiwana said the crypto industry will reach a tipping point in 2021, with 44 percent of crypto owners in the U.S. reporting that they made their first cryptocurrency purchase last year.

Crypto reward cards have grown in popularity recently, with companies like BlockFi and Venmo launching crypto rewards cards last year. According to crypto lending startup BlockFi, bitcoin rewards were partly responsible for the cardholder buying spree last year, with cardholders receiving more than 124 bitcoins in the first three months after the cash-back program was launched.