Winklevoss Twins Considering Taking Gemini Public; Acquire Blockrize to Launch Crypto Credit Card
Bitcoin HODLers Cameron and Tyler Winklevoss offering up to 3% reward in BTC and other cryptocurrencies on their Gemini Credit Cards while “still committed” to Bitcoin ETF but not looking to increase their BTC position.
It’s the season to go public!
Bitcoin billionaire brothers Cameron and Tyler Winklevoss told Bloomberg that they are considering taking Gemini Trust Co. public amidst the heightened demand in the crypto market.
“We are definitely considering it and making sure that we have that option,” said Cameron Winklevoss, co-founder of the New York-based digital-asset firm.
“We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it.”
With this news on Thursday came the announcement of the launch of the Gemini Credit Card.
The card will function like a traditional one but with an additional feature to earn crypto rewards on everyday purchases with up to 3% back in bitcoin and other cryptocurrencies. These rewards will be deposited into cardholders' Gemini’s accounts automatically.
“Cash is trash,” said Gemini chief executive Tyler Winklevoss. “So as you spend your cash, you get Bitcoin — it’s a pretty good trade-off.”
The launch of these upcoming cards has been accelerated by the acquisition of Blockrize, a fintech startup building a credit card with crypto rewards, for an undisclosed sum. Customers can sign up to the waitlist for the cards that will come later this year.
This the second acquisition by Gemini as back in Nov. 2019, the company acquired Nifty Gateway.
Gemini is making a lot of waves and is further looking to make more with its Bitcoin exchange-traded fund (ETF).
The Winklevoss twins were the first to file for a Bitcoin ETF in the US years ago but got rejected by the SEC in 2017. But they are still interested and hired David Abner as Gemini’s global head of business development in December. Abner previously ran ETF efforts at Bear Stearns, BNP Paribas, and WisdomTree Europe.
“We still believe in this product, we are still committed to this product,” said Cameron Winklevoss, but only to add that they don’t have anything to share in this regard at the moment.
Gemini is actually the sub-custodian of the Bitcoin held by the ETF filed by Arxnovum Investments Inc. on Monday with the Ontario Securities Commission in Canada.
Meanwhile, the crypto market is rejoicing all the bullish development going on in the crypto space, with Bitcoin going back to $40k today. While the Winklevoss brothers predict Bitcoin reaching $500,000 in a decade, they are “not actively looking to increase our position” because they have “a lot of exposure as it is.”