Gemini, the crypto exchange founded by the billionaire Winklevoss twins, has launched a new credit card that offers rewards in the cryptocurrency Ripple (XRP). This card follows an earlier release from Gemini that provides rewards in bitcoin, other crypto assets, and the exchange’s own stablecoin, the Gemini Dollar.
The launch comes shortly after Gemini filed for its initial public offering earlier this month. Among the companies financially backing the offering is Ripple, which has extended the exchange a credit line of up to $150 million.
Ripple’s Returns
For its part, Gemini is touting the growth of its crypto asset, noting that investors who held XRP rewards for the year ending in July saw gains of 453%. That’s the highest percentage increase among all rewards currencies available to Gemini credit cardholders.
The card’s cashback structure allows 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 option to earn bitcoin or choose from more than 50 other cryptocurrencies.
The Struggle for Profitability
Despite hopes for the upcoming IPO, Gemini has struggled to achieve profitability. The latest filing with the SEC revealed a net loss of $282.5 million in the first half of the year. In 2024, Gemini reported $142.2 million in revenue but still recorded a $158.5 million net loss. Its 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 cryptocurrency, the company has experimented with several new products, most of which have stumbled out of the gate. In 2021, for instance, the company introduced Gemini Earn, which allowed users to earn interest of up to 7.4% by lending crypto assets to cryptocurrency lender Genesis Global Capital LLC.
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 just a few months later, and Gemini ultimately agreed to repay more than $1 billion to its customers.
