Crypto-exchange Gemini, founded by billionaire twins Cameron and Tyler Winclevos, told Coindesk that they have partnered with Ripple to roll out the XRP edition of their credit cards in collaboration with Ripple, providing users with crypto-rewards across their spending category.
Issued via Webbank, like other Gemini cashback cards, the card allows holders to earn up to 4% on XRP on fuel, EV charging and Ride Char purchases, 3% on meals, 2% on groceries and 1% on other transactions. Gemini said it is partnering with some merchants to provide up to 10% back on eligible purchases.
“We are gaining XRP for our customers and the XRP forces, offering new ways to express their passion, loyalty and excitement,” Gemini co-founder and CEO Tyler Winclevos said in a statement.
The exchange also expands the use of Ripple USD (RLUSD), a US$680 million Stablecoin issued by Ripple. The token will now be available as the base currency for all spot trading pairs on the platform for US users, allowing traders to move between RLUSD and other assets without additional conversion steps.
“55 million Americans own cryptography, and the number is increasing, as more people are looking for easier ways to access and use it in their daily lives.” “Along with Gemini, we spend every day connecting with both XRP and RLUSD.
Gemini has been increasing offerings as they prepared to be made public in the US in June.
Last week, the company acquired a MICA license in Malta to expand its footprint in the region.
The company also revealed its $75 million credit facility from Ripple in its IPO document, reporting a net loss of $282 million in the first half.
Read more: Billionaire Wincle Boss Twins Backed Gemini launches independent smart wallet
