Gemini partners with Ripple to launch the XRP credit card, providing cryptocurrency rewards for users on various consumer transactions.
This credit card is issued by WebBank, allowing users to accumulate cashback in XRP at high rates on categories such as fuel, electricity for electric vehicles, and ride-sharing services, while Gemini also expands cryptocurrency trading pairs for users in the US with Ripple's RLUSD stablecoin.
MAIN CONTENT
Gemini collaborates with Ripple to issue the XRP credit card, accumulating cashback of up to 4%.
Diverse cashback in areas such as fuel, electric vehicles, dining, and general shopping.
Ripple's RLUSD stablecoin is used by Gemini as the base currency for trading pairs in the US market.
What is Gemini's XRP credit card and Ripple?
The XRP credit card is a collaborative product between the cryptocurrency exchange Gemini and Ripple, issued by WebBank, allowing users to receive cashback in the form of XRP when making purchases.
This product provides a direct cryptocurrency rewards accumulation experience, helping to enhance the utility and value of XRP in everyday consumer payments, while differentiating itself from traditional credit cards.
How does cashback in XRP apply on this credit card?
Gemini's credit card supports cashback of up to 4% in XRP for gas, electric vehicle charging, and ride-sharing services, 3% cashback for restaurants, 2% for supermarkets, and 1% for other transactions.
In addition, Gemini has partnered with select retailers to offer cashback of up to 10% on eligible transactions, helping consumers maximize their benefits when using the card.
What does it mean for Gemini to use RLUSD stablecoin as the base currency for Ripple transactions?
The application of Ripple's RLUSD as the base currency in spot trading pairs for US users helps diversify trading options and enhance liquidity in the cryptocurrency ecosystem.
This move also expands the role of stablecoins in daily transactions, facilitating quick conversions and transactions with stable value.
“The issuance of the XRP credit card is an important step in promoting the application of cryptocurrency in consumer life, allowing users to enjoy flexible and convenient rewards.”
– Negotiation between Gemini and Ripple, 2023
Frequently Asked Questions
Does Gemini's XRP credit card have an annual fee?
Detailed information about the annual fee has not been officially announced by Gemini.
How to receive 10% cashback at selected retailers?
Users need to make purchases at the partner retailers announced by Gemini to enjoy this cashback offer.
Is RLUSD a stablecoin backed by the USD?
RLUSD is Ripple's stablecoin designed to maintain a stable value against the USD, suitable for trading and storing value.
Can this credit card be used internationally?
There is currently no official information about the international usage scope of the XRP credit card from Gemini.
How to apply for the XRP credit card issued by Gemini?
Users can register directly through the Gemini platform when the card is widely deployed.
Source: https://tintucbitcoin.com/gemini-va-ripple-ra-mat-the-xrp/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news in the cryptocurrency market and not miss any important information!
