Before going public, Gemini reveals its Ripple-powered credit card.

2025-09-01

Gemini, Founded by Winklevoss Twins, Launches Ripple Rewards Credit Card

Gemini, the crypto exchange established by the billionaire Winklevoss twins, has introduced a new credit card that offers rewards in Ripple (XRP). Following its previous releases that provide rewards in Bitcoin and other cryptocurrencies, including Gemini’s own stablecoin, the Gemini Dollar, this latest offering broadens the range of reward options.

Ripple’s Growth Highlighted

Gemini highlights the significant growth of XRP as a cryptocurrency. Investors who held XRP rewards for the year ending July experienced gains of 453%, marking the highest percentage increase among all available currencies on Gemini’s credit card platform.

The card features an enticing cashback structure, allowing users to earn up to 4% back in Ripple for fuel or electric vehicle charging, 3% for dining, 2% for groceries, and 1% on general spending. Cardholders also have the choice of earning Bitcoin or one of over 50 other cryptocurrencies.

Struggle for Profitability

Despite aspirations for an upcoming Initial Public Offering (IPO), Gemini has faced challenges in achieving profitability. The latest filing with the SEC revealed a net loss of $282.5 million in the first half of the year, and in 2024, despite revenue of $142.2 million, the company still reported a net loss of $158.5 million. Cash and cash equivalents declined from $341.5 million at the end of 2024 to $161.9 million by mid-2025.

Since its founding in 2014 as a platform for buying, selling, trading, and storing cryptocurrencies, Gemini has experimented with various new products that have often faltered upon launch. In 2021, the company introduced Gemini Earn, which permitted users to earn up to 7.4% interest by lending crypto assets to Genesis Global Capital LLC.

However, the program grew to about 200,000 members before it was forced to suspend trading during a crypto crash in November 2022. Genesis Global Capital filed for bankruptcy shortly thereafter, and Gemini ultimately agreed to repay over $1 billion to its customers.