Gemini is incorporating the core mechanics of blockchain into consumer finance. The exchange said its new Solana credit card automatically stakes rewards, transforming daily spending into direct participation in network security without user intervention.
Summary
- Gemini launched a Solana Edition credit card that automatically bets on SOL rewards.
- The card offers up to 4% SOL cash back on gasoline, electric vehicle charging, and ride-sharing purchases.
- Its debut follows Gemini’s addition of USDT and USDC transfers to Solana.
On October 20, Gemini announced the launch of its Solana Edition credit card, which introduces an auto-stake feature that integrates blockchain involvement into consumers’ daily spending.
The publicly traded exchange said that cardholders who opt for Solana (SOL) rewards can now automatically stake them within the Gemini system, earning network performance of up to 6.77% while also supporting transaction validation on Solana’s high-performance blockchain.
The product, which follows Gemini’s previous Bitcoin (BTC) and
Gemini’s Solana card and what it means for users
Gemini said new applicants can activate the feature during the card registration process, while existing cardholders can opt-in through their rewards settings once they select Solana as their preferred asset.
The process occurs within the exchange’s staking system, which is based on Solana’s underlying network of node operators and smart contracts. These validators add new blocks and receive rewards for securing the network, with Gemini acting as an intermediary between the user and Solana’s decentralized architecture.
Gemini’s reason for selecting Solana depends on its ecosystem momentum and performance data. The exchange highlighted Solana’s “strong and active community” and its position as one of the leading ecosystems for developers. Perhaps more compelling is the internal data Gemini is using to market the card: Users who had SOL rewards for at least a year saw their value appreciate by 299.1%, according to firm analysis from late July.
The launch of this card is the latest step in Gemini’s strategic deepening of the Solana ecosystem. It arrives a few days after the exchange. activated deposits and withdrawals of USDT and USDC on Solana, praising the network’s fast settlement times and low transaction fees.
The announcement provided a modest boost to Gemini shares, with shares up 5% during Monday trading at $20.67 at press time. This rally offers a slight respite for the public company, which has seen its share price decline since its IPO on Nasdaq earlier this year. Gemini debuted at $28 per share, raising over $425 million, but has since faced market pressures along with the broader crypto sector.
