Gemini's Solana Card: Earning Opportunities and Benefits

Gemini Space Station Inc. (NASDAQ:GEMI) has introduced a Solana-branded version of its popular credit card. The company announced that users can receive SOL cashback at a rate of 4%. This rate can go up to 10% with selected partners. Users also have the opportunity to earn an extra 6.77% return by automatically staking the rewards they receive.

Staking is the process of locking specific tokens to validate transactions on the blockchain. This method allows users to contribute to the network's security while being rewarded with the production of new tokens.

Other advantages of the Gemini card include no annual fee and no additional charges for transactions abroad. The company stated, “It made sense to launch the Solana-branded Gemini Credit Card given Solana's momentum and the active community it has built for new developers.”

The Gemini credit card has generated significant interest on the stock exchange over the past year. Matthew Sigel, head of investment at VanEck, noted last month that a 800% year-over-year increase in Gemini app downloads occurred due to demand for this credit card. Previously, Bitcoin and XRP-branded cards also offered rewards of up to 4%.

Gemini co-founder Cameron Winklevoss explained that credit cards are an important differentiating factor in the company's competition with Coinbase (NASDAQ:COIN).

However, Coinbase did not take long to respond to Gemini's credit cards. The company introduced a credit card in June that offers 4% Bitcoin cashback for premium service users.

This year, Gemini has been highlighted among crypto firms that went public. The company initially raised $425 million, achieving a valuation of $3 billion with its IPO. The stock started trading at $37, which is 32% above the IPO price of $28.

However, Gemini has lost most of these early gains, with the stock recently trading just below $20. One of the contributing factors to these losses has been the trade tensions between the U.S. and China.