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The Gemini credit card *, a long-awaited crypto credit card thata few weeks ago, stopped accepting applications.
IN Gemini site states that the company made the decision to “further enhance the customer experience” while connected status page suggests there were technical issues on Thursday. A Gemini spokesman did not immediately respond to a request for comment.
Although the reason for the pause of the application is not transparent, it is worth noting that there is an inherent risk in this new genre of crypto credit cards, which can lead to technical delays and hiccups along the way. Banks, governments and credit card institutions are trying to orient themselves in developing rules and regulations for this new type of card in real time, so volatility continues to haunt some financial products integrated with cryptocurrencies.
As another example, SEC fee requiring product registration., a crypto card that has been on the market for months, recently removed access to BlockFi interest accounts that paid interest on crypto rewards from credit cards earned by making card transactions. This action was in response in February
While crypto rewards can offer a lot of growth potential, they also have the potential to lose value faster than, or rewards offered by other credit cards. Just like when through an exchange or broker, it is important to feel comfortable with the level of risk you take when using a crypto credit card.
For more information on how to use crypto credit cards and what options are available, see our review of.
* All Gemini credit card information is collected independently of CNET and is not reviewed by the issuer.