Gemini launches Zcash version of the crypto credit card

The publicly listed crypto exchange Gemini has just introduced a new branded credit card, this time inspired by the privacy coin Zcash (ZEC). The Gemini Credit Card Zcash Edition follows previous versions linked to Bitcoin, Solana, and XRP, allowing users to earn crypto cashback on each spending transaction.

Gemini co-founder Tyler Winklevoss emphasized the message of privacy, stating that it is a normal factor and the foundation of personal freedom as well as financial autonomy.

According to data provided by Gemini, cardholders who choose to receive and hold rewards in ZEC for at least one year have seen their asset value increase by over 900%. The company’s representative said that ZEC is currently among the top 10 digital assets chosen by users for rewards. Users can opt to receive cashback in over 50 supported cryptocurrencies.

Similar to previous card lines, the Zcash edition has no annual fee and offers up to 4% crypto cashback on eligible transactions.

Earlier, Gemini, along with card issuer WebBank, Ripple, and MasterCard, began exploring the possibility of using Ripple’s stablecoin RLUSD to pay for credit card transactions with fiat currency. The Winklevoss brothers also led a funding round for a company building a digital asset reserve fund based on Zcash.

Gemini completed its IPO a few months ago, offering shares at $28, which at one point rose to over $37, valuing the company at approximately $4.4 billion. However, the stock later declined sharply, losing more than 75% of its peak value and recently trading around $9.12.

Meanwhile, Zcash has increased by over 750% in the past year but has experienced significant volatility recently, as the project faces personnel changes and some developers leave to establish a new company. The price of ZEC is currently down about 6% in the past 24 hours.