TL;DR
- Gemini expands its product line with the “Solana Card,” joining its Bitcoin and XRP cards.
- The new key feature is the optional “auto-staking” (up to 6.77% APY), available to all cardholders.
- The card offers up to 4% cashback in cryptocurrencies in categories like gas and dining.
The publicly traded cryptocurrency exchange Gemini announced this Monday the expansion of its credit card suite with the launch of the “Solana Card.” This new card offers instant rewards in Solana (SOL) and, as a main feature, an optional “auto-staking” function to maximize earnings.
This product joins the Bitcoin (BTC) and XRP-themed cards that the firm already offered. All cards, including the new Solana one, maintain a reward structure of up to 4% cashback in instant crypto rewards for purchases.
The Gemini Solana credit card will operate similarly to its predecessors but introduces a highly anticipated feature for the community.
Auto-Staking: The Real Innovation
The main innovation driving this launch is the “auto-staking” feature. According to a Gemini representative who spoke to Decrypt, this feature is available “for all current and future cardholders, in addition to those with the Solana card.”
In practice, users who earn SOL after a purchase can opt to automatically stake those tokens on the Gemini platform, generating a yield of up to 6.77% APY (Annual Percentage Yield).
This feature, along with the card’s design, “provides the Solana community with a way to show their loyalty whenever they make a purchase,” the representative added. Gemini also clarified that users can unstake their tokens at any time, although the withdrawal time can vary from “a few hours to several days.”
The card’s rewards are structured by category: 4% on gas, electric vehicle charging, and ridesharing; 3% on dining; 2% on groceries; and 1% on all other purchases.
Gemini justified the choice of this blockchain by stating that “launching a Solana edition of the Gemini Solana credit card was a logical choice given Solana’s momentum and the robust and active community it built.” Furthermore, the firm noted that Solana’s reward performance has been one of the highest among available cryptocurrencies on its platform.
