Gemini Credit Card Pauses Apps: More Volatility Among Crypto Credit Cards

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The Gemini* Credit Card, a highly anticipated crypto credit card that open public apps a few weeks ago stopped receiving applications.

the Gemini Website states that the company made the decision in order to “further improve the customer experience”, while a link status page suggests there were technical issues on Thursday. A representative for Gemini did not immediately respond to a request for comment.

Although the cause of the application break is not transparent, it should be noted that there is an inherent risk with this new kind of crypto credit cards, which can lead to technical delays and problems in progress. road. Banks, governments and credit card companies are trying to navigate in real time the development of rules and regulations for this new type of card, so volatility continues to haunt some financial products integrated with cryptocurrencies. .

As another example, the BlockFi Rewards Visa Signature Card, a crypto card that has been in the market for months, recently removed access to BlockFi Interest Accounts, which paid interest on crypto credit card rewards earned by performing transactions on the card. This action followed a call in February SEC Fees requiring the product to be registered.

While crypto rewards can offer great growth potential, they also have the potential to lose value faster than crypto rewards. cash back, points or miles rewards offered by other credit cards. Just like when invest in crypto via an exchange or broker, it is important to be comfortable with the level of risk you are taking when using a crypto credit card.

For more information on using crypto credit cards and the options available, see our overview of crypto credit cards. best crypto credit cards.

*All Gemini credit card information has been independently collected by CNET and has not been reviewed by the issuer.

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