Crypto exchange Gemini has officially launched its XRP Credit Card, designed specifically for the XRP Army, offering up to 4% cashback in XRP with no annual fees. The launch comes as Gemini moves forward with its IPO plans, backed in part by Ripple, which has extended a $150 million credit line to the exchange.
The Gemini XRP Card allows users to earn crypto rewards on purchases, with perks such as zero annual fees, no foreign transaction charges, and no exchange fees when converting rewards into crypto. Beyond XRP, cardholders can also choose to earn rewards in Bitcoin or more than 50 other cryptocurrencies, with the option to swap between assets anytime.
Gemini highlighted the card’s unique design tailored for the XRP community, noting its functionality remains consistent with existing Gemini cards. Co-founder Cameron Winklevoss encouraged XRP holders to use the card and take advantage of its cashback benefits, calling it a way for the XRP Army to strengthen their holdings with every purchase.
Ripple also responded to the launch, emphasizing that the card supports its RLUSD stablecoin for U.S. spot trading, allowing users to trade seamlessly with no extra conversion fees. Ripple further noted that the card makes crypto rewards simple, fast, and accessible for everyday users.
The launch arrives at a crucial time for Gemini, as the exchange disclosed a $282.5 million net loss in the first half of the year and has struggled with profitability over the past two years. Analysts suggest that products like the XRP credit card are strategic moves to attract new users and diversify revenue streams ahead of the IPO.
The XRP Army has already shown strong interest in the new credit card. Pro-crypto attorney John Deaton even predicted that the Gemini XRP Card could surpass the success of competing crypto rewards cards, cementing its place as a key tool for XRP enthusiasts.
