In brief
- Gemini launched a new crypto credit card with a focus on privacy token Zcash (ZEC).
- The token is in the top 10 of crypto assets chosen for rewards on Gemini credit cards, the firm said.
- Gemini’s founders, Tyler and Cameron Winklevoss, backed a Zcash treasury firm in November.
Publicly traded crypto exchange Gemini unveiled its latest branded crypto credit card this week, launching a card that highlights the privacy-focused Zcash (ZEC) token.
The Gemini Credit Card Zcash Edition follows the firm’s launch of Bitcoin, Solana, and XRP-themed cards that similarly provide crypto rewards with every purchase.
“Privacy is normal and a precondition to your freedom and self-sovereignty,” Gemini co-founder Tyler Winklevoss posted on X.
According to data provided by the firm, card holders who have opted to receive and hold rewards in ZEC for at least one year saw the value of their holdings appreciate by more than 900%.
A representative for the firm told Decrypt that ZEC is a top-10 crypto reward chosen by its cardholders. Cardholders can choose to receive rewards in more than 50 supported crypto assets.
Like Gemini’s other cards, the Zcash Edition has no annual fee, and allows users to earn as much as 4% back in automatic crypto rewards on qualifying purchases.
In November, Gemini, alongside its card issuer WebBank, Ripple, and MasterCard, began exploring the use of Ripple’s dollar-backed stablecoin, RLUSD, for settlement of fiat credit card translations. Earlier that month, the Winklevoss brothers led the fundraise for a firm establishing a Zcash digital asset treasury.
Two months earlier, Gemini successfully completed its public offering, selling shares for $28 before quickly jumping to more than $37 and around a $4.4 billion valuation. Since that time, though, shares have fallen consistently, dropping more than 75% from the peak to finish the trading day changing hands at $9.12.
Earlier this week, the firm’s long-standing SEC lawsuit stemming from its Earn program was finally shelved, with the regulator dismissing ongoing civil enforcement against the firm.
ZEC is down around 6% in the last 24 hours, recently changing hands at $374. The token’s price has surged more than 750% in the last year, but has fallen in recent weeks amid drama that saw protocol developers leave to create a new company.
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Source: https://decrypt.co/356261/gemini-launches-zcash-credit-card-pays-zec-rewards
