Gemini Offers New Solana Edition of Its Credit Card as Crypto Rewards Gain Popularity

Cryptocurrency exchange Gemini has launched a new edition of its credit card that enables cardholders to earn up to 4% Solana rewards on purchases, according to a recent press release.

Gemini has introduced the new version of its card at a time when credit cards that offer cryptocurrency rewards are growing in popularity.

Credit card issuers that haven’t added cryptocurrency-related perks to their rewards programs may want to consider doing so now to take advantage of the market’s appetite for crypto bonuses.

President Donald Trump signed the GENIUS Act into law over the summer, and the government’s crypto-friendly stance has led to expanded uses for digital assets, American Banker recently reported.

In September, Bitcoin financial services outfit Fold announced plans to roll out a new credit card that links consumers with Bitcoin rewards. American Banker reported that, at the time of the card’s launch, close to 75,000 consumers had already joined its waitlist.

Credit card rewards continue to be a hit with consumers. But as companies release new credit cards to the market, issuers may struggle to differentiate their card programs, and the rewards they extend to customers, from those of their competitors.

After all, airports only have room for so many lounges that cardholders can access.  And not every credit card company that wants to grow its brand awareness has hundreds of millions of dollars to devote to high-profile sponsorships.

But crypto rewards may provide card companies with a way to attract new customers in a crowded credit card landscape.

Gemini’s new card links cardholders with up to 4% back in Solana when they use it to buy items such as gas or services like rideshares. Cardholders can also earn 3% back on dining purchases, 2% when they use the card to buy groceries, and 1% on other purchases.

But issuers designing a credit card program that offers crypto rewards may want to add additional types of benefits to their card to increase its value.

The new Gemini card also connects cardholders with discounts on purchases they make from companies including Booking.com and Instacart. Issuers should note that Gemini’s new card does not come with an annual fee and the company is not charging customers for foreign transactions.

Meanwhile, Fold has partnered with Visa and Stripe to bring its new Bitcoin rewards card to customers.

Will Reeves, Fold’s Chairman, CEO, and Co-Founder, told American Banker that offering a credit card that provides Bitcoin rewards shifts the business model for rewards programs. Offering crypto rewards also may help Fold guide its customers to better financial health.

“Our job is to make that customer as wealthy as possible, have as much purchasing power as possible, because that will flow to us,” Reeves said. “Traditional reward programs are exactly the opposite: How can I get [customers] a very high reward immediately that they perceive as very valuable and then devalue it over time?”